Cut and run: Ashish Kacholia offloads Delta Corp after tax notice despite carnage in stock

Ace investor Ashish Rameshchandra Kacholia sold 15 lakh shares equivalent to 0.56% of total paid up equity of Delta Corp.

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Celebrated investor Ashish Kacholia dumped his holdings in casino company Delta Corp on September 25 despite a 20 percent erosion in the stock price. The stock was beaten out of shape after the company announced that it had received a tax notice demanding in excess of 16,000 crore nearly four times the company’s market cap.

Kacholia sold 15 lakh shares in the company at an average price of Rs 144.65, the lower end of the trading band for the day. The stock closed on Friday at Rs 176 before the news broke, and opened with a gap-down and ended the day at Rs 145.65.

Shares of Delta Corp opened 2.4 percent lower on the NSE on September 26. At 1:35 pm, the stock was trading at Rs 140.95. As of mid-day, the stock was trading at Rs 141.40, 1 percent lower than its closing on September 26.

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According to bulk deal data, ace investor Ashish Rameshchandra Kacholia sold 15 lakh shares equivalent to 0.56 percent of the total paid-up equity of Delta Corp, via open market transactions at an average price of Rs 144.65 per share.  Kacholia

Another acclaimed mid-cap investor Mukul Agarwal holds a 1.2 percent stake in Delta Corp. There was no bulk sale reported against his name; it could not be verified if he has also been a seller in the counter.

Over the last month, the casino operator has been faced with a series of negative news which has resulted in investors dumping the stock. On September 22, it received a tax notice amounting to Rs 16,822 crore. The company has said that they would be working towards fighting the tax notice. According to the company, the notice is with regards to Delta Corp and its two subsidiaries, Highstreet Cruises and Entertainment Pvt Ltd and Delta Pleasure Cruise Company Pvt Ltd.

Also read: Delta Corp: Game over or will the house win as always?

For the quarter ended June 2023, the company recorded an 18.86 percent year-on-year (YoY) increase in net profit to Rs 67.91 crore. Revenue from operations also grew  10.74 percent to Rs 277.65 crore for the same period. Year till date the stock is down 34.5 percent.

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