Dominos Pizza India operator falls 4% on fine of Rs 41 cr by anti-profiteering body
The anti-profiteering body passed an order on February 4, 2019 concluding a profiteering of Rs. 41.42 crore, Jubilant FoodWorks informed in an exchange filing.
Shares of Dominos Pizza India operator, Jubilant FoodWorks, fell over 4 percent after the National Anti-Profiteering Authority (NAA) fined the company for not passing on GST rate cut benefits to customers.
The stock touched an intraday high of Rs 1,365.00 and an intraday low of Rs 1,327.00.
The anti-profiteering body passed an order on February 4, 2019 concluding a profiteering of Rs. 41.42 crore, Jubilant FoodWorks informed in an exchange filing.
Further it stated that the loss to company due to input credit withdrawal was higher than price increase that was taken and this wasn’t taken into account by the NAA.
The company also said, “Jubilant FoodWorks unreservedly supported the reduction of GST on restaurants to 5%, as we believed it to be an extremely progressive and growth-enabling measure. In the absence of any explicit rules and guidelines, we followed the spirit of the law and passed on the benefits of GST reduction to our customers with immediate effect.”
At 10:01 hrs Jubilant Foodworks was quoting at Rs 1,329.50, down Rs 63.65, or 4.57 percent.
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