BofA Securities and Societe Generale together sold Delta Corp shares worth Rs 56 crore on Monday, bulk deals data on the NSE showed. While BofA Securities offloaded as many as 30.1 lakh shares, Societe Generale sold another 13.6 lakh shares at an average price of Rs 128.48 per piece. Buyers were not immediately known.

Share Market Live

NSE

As of June 30, Societe Generale held 1.43 percent stake in Delta Corp, shareholding data on exchanges showed. Interestingly, the steep fall in shares of Delta Corp has made retail investors poorer as the retail category own a fourth of the company as of June ending. Since June 28, the stock has corrected nearly 50 percent, which translate a notional loss of about Rs 827 crore to retail investors. While promoters held 33.3 percent as of June 2023, remaining two-third is held by the public, of which, Mutual Funds held 17.9 percent whereas foreign portfolio investors (FPIs) held close to seven percent of the company.

Shares of Delta Corp closed nine percent lower on Monday at Rs 128 on the NSE. The stock, which has halved in the three-and-a-half months also hit its lowest level in three years, after one of its subsidiaries -- Deltatech Gaming ---received a tax demand from the Directorate General of GST Intelligence of more than Rs 6,000 crore.

The fresh tax demand notice has taken Delta Corp's total tax liabilities to over Rs 23,000 crore, which is about 23 times of its FY23 revenue. The Indian casino operator posted a net profit of Rs 2,61 on the back of Rs 1021 crore revenues in FY23.