NTPC shares hit a 52-week high of Rs 325.65 during the early trading hours on 5 January. However, the shares began their descent after the company announced receiving demand orders from authorities of seven states for GST, interest, and penalty worth a total of Rs 100.80 crore.

In its regulatory filing, the company said that they have received GST demand orders from the states, including Uttar Pradesh, Delhi, Maharashtra, Gujarat, Andhra Pradesh, Bihar, and Chattisgarh.

The company added that they will file an appeal before the 1st appellate authority of the applicable jurisdiction against the said orders within the prescribed timelines.

The company has also assured its shareholders that the GST demand orders won’t have any material impact on the company’s finances, operations, or other activities.

The state-owned firm has also proposed to invest Rs 90,000 crore in the creation of a 15-gigawatt renewable energy park and project to meet the agricultural sector’s power needs in Gujarat.

At 12:45 pm, the shares of NTPC had shed all their early gains and were trading 0.66% lower at Rs 315 on NSE.