Kotak Mahindra Bank Shares Plunge on GST Woes

Shares of Kotak Mahindra Bank plunged on Friday, a day after an order by the GST authorities issued a demand order to the mid-sized bank to pay pay up Rs 57.2 lakh as tax dues.

The GST authorities have disallowed the input tax credit (ITC) on certain expenses during FY18 and FY19 claimed by the bank.

A total of Rs 57.20 lakh has been levied on account of central goods and services tax (CGST), along with applicable interest and a penalty of Rs 5.1 lakh.

At 1:26 pm, Kotak Mahindra Bank shares were trading 1.36 percent lower at Rs 1,895.20 on the National Stock Exchange.