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This is the sixth straight session where Delta Corp stock has recorded a fall. The price correction was amid significant volumes with more than 43.76 lakh shares changing hands on the NSE around 9:30 am.
Earlier during the day, the stock tumbled as much as 9% before closing 8% lower over the previous day. The shares have been under pressure since the last one month after the company and its subsidiaries received several GST notices. On Friday, the company's arm Deltatech Gaming received a GST shortfall notice worth Rs 6,384 crore.
It is unclear how much Kacholia held prior to the stake sale in Delta Corp. It will most likely be below 1%. The stake sale comes after the casino operator received a notice from the government for a tax liability.