Akzo Nobel India shares were up marginally in the early trade on October 11 despite the company receiving a demand order from the Office of the Deputy Commissioner, Karnataka GST Department.
At 9:20am, Akzo Nobel India was quoting at Rs 2,490.70, up Rs 18.65, or 0.75 percent on the BSE.
The company has received communication u/s 73 of the Karnataka Goods and Services Tax Act, 2017, for collection of GST along with interest and penalty.
The aggregate value of the penalty is Rs 9,47,347 and a penalty of Rs 47,705.
"There is no material impact on financials, operations, or other activities of the company," said Akzo Nobel India.
Catch all market action in our live blogThe share touched a 52-week high of Rs 2,949.95 and a 52-week low of Rs 2,030.00 on August 4, and October 14, 2022, respectively.
Currently, the stock is trading 15.57 percent below its 52-week high and 22.69 percent above its 52-week low.
AkzoNobel India is engaged in the manufacturing and marketing of paints, speciality chemicals, and adhesives.
The company owns two paint brands, Dulux and Duco, and also manufactures a wide range of decorative paints. It is also in the business of coatings.
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