Hyundai Motor India Receives GST Notices Worth Nearly ₹17.5 Crore; Stock Down 7% in Five Sessions

Hyundai Motor India Limited, the Indian arm of the South Korean automaker, has received two goods and service tax (GST) notices from the Government of Tamil Nadu and the Government of Maharashtra, amounting to nearly ₹16 crore, according to an exchange filing on Friday, February 28.

The Deputy Commissioner of the Maharashtra State Tax Department has demanded a GST amount of ₹2.51 crore, along with a penalty charge of ₹35.15 lakh and applicable interest for the late payment, totaling approximately ₹2.76 crore. The Additional Commissioner of the Central GST Department of Tamil Nadu has demanded a GST amount of ₹13.46 crore, along with a penalty charge of ₹1.34 crore and applicable interest for the late GST payment, totaling approximately ₹14.8 crore.

Despite these notices, Hyundai Motor India stated that there will be no impact on the firm’s financial, operational, or other activities.

*Hyundai Motor India Share Price*

Hyundai Motor India shares closed 0.28% higher at ₹1,729.50 after Friday’s stock market session, compared to ₹1,724.75 at the previous market close. The company disclosed the development of the GST notices on Saturday, March 1, 2025.

Since its listing on the Indian stock market in October 2024, Hyundai Motor India shares have traded 6.20% lower. On a year-to-date (YTD) basis, the shares are trading 3.76% lower in 2025 and have lost 7.32% in the last five stock market sessions. The shares hit their 52-week high at ₹1,968.80 on December 22, 2024, and their 52-week low at ₹1,610.15 on January 29, 2025. As of the market close on February 28, Hyundai Motor India’s market capitalization stood at ₹1.40 lakh crore.

*Hyundai India Sales*

Hyundai Motor India’s sales in February 2025 witnessed a 6.8% year-on-year growth, totaling 58,727 units, which includes sales in the domestic market and exports to other nations. The company reported domestic sales of 47,727 units and exports of 11,000 units.

“With a 6.8% YoY growth in export sales in February 2025, we are witnessing increasing global demand for our Made-in-India products, reflecting Hyundai’s strong acceptance worldwide,” said Tarun Garg, the whole-time director and Chief Operating Officer (COO) of Hyundai Motor India.

Stay tuned for further updates on Hyundai Motor India and its market performance.