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Domestic investors have to pay short-term capital gains tax on debt investments as per their prevailing tax slabs and additional 4% cess.

The next step for the two multiplex owners is to get clearance from the NCLT, which as per Nirmal Bang Institutional Equities, could take another six months. The CCI has not raised any objections over the merger in the last three months, something the Street had feared.

On the technical charts, the 200-day moving average of the stock stood at Rs 5917.2.

The stock quoted a 52-week high price of Rs 2739.95 and low of Rs 772.95.

Amid heavy outflow by foreign investors due to geopolitical tensions, high crude oil prices, growth slowdown concerns and aggressive central bank rate hike fears, Nifty is down about 16% from its all-time high touched in October last year.

The company informed the exchanges about being unable to service its obligations with respect to the interest on non-convertible debentures. The due date for the payment was June 20, 2022.

The stock quoted a 52-week high price of Rs 449.8 and a 52-week low of Rs 279.45.

“The turbulence that we are seeing will possibly last another three to four months. It is difficult to put a finger to that time horizon exactly but over the next three to four months, maybe till September-October, a few things are going to pan out. FII selling is something that we have to brace for in the near term.”

“In a difficult market environment people do not want to go for the so-called cheap companies or companies where you are not sure of the asset quality and what sort of negative surprises that you may have.”

Oil & gas stocks tumbled 2.9%, mirroring a more than $6-a-barrel slump in crude prices, amid a push by U.S. President Joe Biden to bring down soaring fuel costs.