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Tax panel orders ₹1,203 crore recovery from Hinduja-NxtDigital merger

pre-market1 source ↓written by the desknot a recommendation

in tax set-offs
₹1,203 crore

The Approving Panel has ruled the merger between Hinduja Global Solutions and NxtDigital as an impermissible tax avoidance arrangement under India's GAAR. The panel disallowed ₹1,203 crore in tax set-offs and mandated full recovery, including interest and penalties. This ruling highlights the government's strict approach to corporate tax compliance.

Not investment advice. For informational purposes only.

OI Charts is not a SEBI-registered investment adviser or research analyst. This bulletin was written by the OI Charts desk from the public sources listed here. It is commentary on market conditions, not a basis for any investment decision and not a recommendation to buy or sell any security. Prices as of 1 Nov 2025, 07:02 IST.

Sourcesnews.google.com

The market after the news

HGS closed −0.7% on the day of the news, from ₹517.10 to ₹513.35; Nifty +0.2% over the same session.

Bulletin at 07:02 IST on 1 Nov 2025. Every change is measured from ₹517.10, the last close before it, on 31 Oct. Nifty 50 is measured over the same sessions.

  • HGS close ₹
  • Nifty 50, rebased to the close before the news
  • close before the news
  • above it
  • below it
HGS closes around the bulletin against the close before the news, with Nifty 50 rebased to it460.43517.10573.77axis spans 25%before the news · 31 Oct517.10Nifty 50HGSbulletinD0+1+3+527 Oct7 Nov18 NovReference close ₹517.10. 16 sessions from 27 Oct to 18 Nov; the price axis spans 25 percent.
price axis fixed at 4 × the 14-session true range around the close before the news · values printed at each marked session
Closes after the news against the close before it, with Nifty 50 over the same span
SessionClose ₹Change %Nifty %
Before31 Oct₹517.10basebase
On the day3 Nov₹513.35▼ −0.7%▲ +0.2%−0.9 pp difference
+1 session4 Nov₹517.80▲ +0.1%▼ −0.5%+0.6 pp difference
+3 sessions7 Nov₹504.85▼ −2.4%▼ −0.9%−1.5 pp difference
+5 sessions11 Nov₹497.20▼ −3.9%▼ −0.1%−3.7 pp difference
Gap at the open, % · ₹
▼ −0.4%−1.91 on 3 Nov
Day's range, % · ₹
2.2%≈ 11 high to low
Volume on the day
0.99×the 20-session average
Futures OI on the day
—
Futures OI open, lots
—
Futures premium, ₹
—
Puts per call, by OI
—
Max pain
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Source NSE UDiFF bhavcopy · HGS on the desk →

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