South Korean automaker’s Indian arm, Hyundai Motor India Limited, 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 an applicable interest for the late payment. This will amount to approximately ₹2.76 crore.

For the second tax notice, 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 the applicable interest for the late GST payment. This will amount to approximately ₹14.8 crore, according to the BSE filing.

The automaker also said that there will be no impact of the GST orders on the firm’s financial, operational or other activities. 

Hyundai Motor India Share Price

Hyundai Motor India shares closed 0.28 per cent 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.

Hyundai Motor India shares are trading 6.20 per cent lower since the company’s listing on the Indian stock market in October 2024. On a year-to-date (YTD) basis, the shares of the automaker are trading 3.76 per cent lower in 2025, and have lost 7.32 per cent in the last five stock market sessions.

Shares of the automaker hit their 52-week high at ₹1,968.80 on December 22, 2024, while the 52-week low was at ₹1,610.15 on Janaury 29, 2025, according to data collected from the BSE website.

Hyundai Motor India’s market capitalisation was at ₹1.40 lakh crore as of the market close on February 28. 

Hyundai India Sales

The company’s sales in India witnessed a 6.8 per cent year-on-year growth in February 2025, at 58,727 units, which includes sales in the domestic market and exports to other nations.

“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 in an official statement on March 1, 2025.

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