Shares of Blue Star were trading 6% below on 23 October after the company received a notice from the Collector of Stamps, Mumbai.

On 19 October, the company received a notice from the Collector of Stamps, Mumbai, with a penalty of Rs 3.39 crore for alleging a default in payment of stamp duty with respect to the scheme of amalgamation approved by the High Court of Bombay on 2 May 2008.

The company has been directed by the Collector of Stamp to pay the penalty amount within seven days of the receipt of the notice.

In its regulatory filing, the company said, “The Company is reviewing the sanctity of the demand made in the said Notice and shall accordingly file a suitable reply with the office of the Collector of Stamps, Mumbai.”

The shares of the company have gained more than 14% in a period of 6 months and have given a return of around 43% in a period of 1 year.

At 3:30 pm, the shares of Blue Star closed 6.37% below at Rs 860.70 on NSE.