Delta Corp Shares Crash 17% After Supreme Court Upholds 28% GST on Gaming

Shares of Delta Corp Limited touched a day low of Rs 66.55 on NSE on 29 May, crashing as much as 17.9% from the previous close at the session’s worst point, after the Supreme Court upheld the government’s retrospective levy of 28% GST on online gaming companies.

The court was unambiguous. Online gaming platforms are not mere intermediaries, the Supreme Court ruled. They are suppliers, fully subject to the GST regime. 

The court also upheld state laws in Tamil Nadu and Karnataka banning online games played for stakes, covering skill-based games like rummy and poker.

The ruling ends a prolonged legal battle between gaming companies and tax authorities.

The dispute started in August 2023, when the GST Council declared that 28% GST would apply on the full face value of bets placed on gaming platforms. Tax authorities followed with show cause notices to gaming companies in October 2023 for alleged evasion. 

The government amended the law to require overseas gaming platforms to register in India from 1 October 2023 onward. 

Companies challenged these moves across nine high courts, and the Supreme Court heard the connected challenges together before ruling in the government’s favour.

The scale of potential liability is large. Tax demands on online gaming companies stand at Rs 91,684 crore, with a separate demand of Rs 16,820 crore on casinos, and liabilities could climb further with interest and penalties.

Delta Corp runs casinos and gaming operations across India and faces direct exposure to both the ruling and the outstanding tax demands.

At 14:47 pm on 29 May, DELTACORP was trading at Rs 73.75 on NSE, down 9.01% from the previous close of Rs 81.05. It opened sharply lower at Rs 69.01 and hit Rs 66.55 at the session’s worst before recovering through the afternoon. 

Year-to-date, the stock has gained 5.80%, but over the past year it has shed 19.65%. Its 52-week high of Rs 98.80 was hit in August 2025.

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