Shares of Meesho Ltd hit 10% lower circuit on 9 March after the company received an assessment order from the income tax department’s assessment unit, which raised a tax demand of Rs 1,499.73 crore, including interest.

The department increased demand for the assessment year 2023-24.

According to Meesho’s statement, the demand followed the income tax department’s additions and modifications to the company’s income for the assessment year.

Meesho said it was reviewing the assessment order and did not agree with the tax authority’s findings and changes. It stated that it has appropriate legal and factual reasons to dispute the order and is taking the necessary actions to preserve its interests.

On another issue, around 109.9 million of Meesho’s shares, or 2% of its outstanding equity, became available for trading on Monday. As of Friday’s closure, these shares were worth Rs 1,857.3 crore.

However, the conclusion of the lock-in period does not mean that the outstanding shares will be sold on the open market; rather, they will become tradeable.

At 12:34 pm, the shares of Meesho were trading 10% lower at Rs 143.34 on NSE.

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