Meesho Faces Income Tax Demand, Shares Plummet

Shares of Indian e-retailer Meesho, backed by SoftBank, fell sharply after the company announced it had received an income tax demand of $163 million. Bloomberg posted on X that the platform's stock hit the daily limit, reflecting investor concerns over the financial implications of the tax demand. The situation highlights the challenges faced by e-commerce firms in India, where regulatory scrutiny is increasing. Meesho, known for its focus on social commerce, is navigating a complex landscape as it deals with this significant tax issue. The company's response and future actions will be closely watched by market analysts and investors.