GNFC share fluctuate post governments demand in AGR dues

The shares of Gujarat Narmada Valley Fertilisers & Chemicals Limited (GNFC) are fluctuating at the stock market after the company received a legal notice from the government demanding around Rs 15,000 crore in Adjusted Gross Revenue (AGR) dues.

The legal notice was served to the company as it holds telecommunication license, including Very Small Aperture Terminal (V-SAT) and Internet Service Provider (ISP) licenses. V-SAT is a communication system generally used in Point of Sale devices and ATMs.

In a regulatory filing, GNFC stated that the Department of Telecommunications served it a notice demanding Rs 15,019 crore before January 23, 2020. It further added that the dues are of financial years 2005-2006 to 2018-2019, including interest. GNFC said that they are seeking expert legal opinion on the matter and the future course of action would depend on that. 

At the time of market opening on Thursday, the stock of GNFC fell around 4 per cent to Rs 159.50 against its previous close of Rs 162.10. However, at 01.11 pm, it was trading at Rs 165.80, up by 2.28 per cent. Its 52-week high is Rs 383.00 and its 52-week low is Rs 155.15.