Meesho share price tumbles 10% after ₹1,500 crore tax demand for FY24

Meesho share price slumped 10% on Monday, March 9 following the e-commerce platform’s receipt of an income tax demand totaling nearly ₹1,500 crore for the assessment year 2023–24, as reported in a stock exchange filing on March 7.

The company stated it plans to contest the order through legal channels. As per the disclosure to the exchange, the demand was made through an assessment order issued under Section 143(3) of the Income Tax Act, accompanied by a demand notice under Section 156. The overall demand is ₹1,499.73 crore, including interest, as noted in the filing.