Delta Corp may stay in red after BofA Securities, Societe General sell Rs 56-cr shares

As of June 2023, Societe General owned 1.43 percent in the gaming major.

BofA Securities and Societe Generale offloaded Delta Corp shares worth Rs 56 crore on October 16 through open market transactions. Shares of the gaming company are likely to extend losses in trade on Tuesday.

BofA Securities Europe SA has sold 30.08 lakh equity shares in the casino gaming company at an average price of Rs 127.97 per share. Societe Generale disposed of 13.58 lakh shares at an average price of Rs 128.48 per share, according to the bulk deals data on the NSE. The buyers are not immediately known.

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

Delta Corp stock price tanked 8.18 percent on the NSE to close at Rs 128.55 on October 16. The company has been in focus since the gaming major’s subsidiary Deltatech Gaming received an intimation for payment of shortfall tax to the tune of Rs 6,384 crore on October 14. With this tax notice, Delta Corp's total tax shortfall liability now stands at Rs 23,206 crore. In comparison, the company's market capitalisation stands at Rs 3,749 crore.

On September 22, it had directly received a tax notice of Rs 11,140 crore. Another notice, for Rs 5,682 crore, had been raised against three of its subsidiaries - Casino Deltin Denzong, Highstreet Cruises and Delta Pleasure Cruises.

Follow the live blog for all the market action

Delta Corp shareholding pattern, share price movement

Over the past one month, shares of Delta Corp have tanked 27.37 percent. The Nifty 50 recorded a one-year run of 14.8 percent, while the gaming company's stock price has fallen 39.2 percent. The share price hit its 52-week low on October 16, following the tax notice as well stake sale.

As of the June quarter shareholding, the promoters have maintained their holding of 33.3 percent in the company over quarters. FIIs and DIIs held 6.7 percent and 18 percent, respectively. Societe General owned 1.43 percent in the company. Retail investors were the biggest stakeholders - holding 42 percent in Delta Corp.