Swiggy shares fall 1% after receiving Income tax notice for Rs 158 crore

Swiggy’s share price opened Wednesday’s trade 1% lower at Rs 328.80 but soon surged to trade in the green. It was up 1.3% at Rs 336.45. On April 01, The company received a tax order of Rs 158 crore after the stock markets closed. The order from the Income Tax Department, Central Circle, Bangalore alleged that the cancellation charges paid to merchants are disallowed under the Income Tax Act.

The second violation by the company is that the interest income on income tax refund has not been offered to tax.