Beginner’s ill-luck

Delta Corp has been hit hard by demonetisation but the game goes on

Gambling could probably be the worst affected business after the government‘s clamp down on black money. No wonder Delta Corp, the only listed player in the space hit the 20% lower circuit after the Modi government demonetised the Rs.500 and Rs. 1,000 notes. Delta makes close to 84% of its revenue from its three offshore casinos in Goa and about 14% from its hotels business. “Beyond black money, which is obvious why Delta has corrected, even customers who have clean money will restrain from splurging on luxury items and services like gaming and casinos,” says AK Prabhakar, head of research, IDBI Capital.

While the big gap down happened on 9th November post-demonetisation, the price had started collapsing from October 30th itself. On that day, it closed at Rs.184 and since then it has been a one-way slide to its current market price of Rs.104. However Niraj Dalal, founding partner, 3A Capital Advisors says, "One cannot entirely blame black money. Even


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