Essar Energy climbs on news of tax appeal
Essar Energy has climbed this morning after a court ruling in India wiped 26% of the company's share price yesterday.
Essar Energy has climbed this morning after a court ruling in India wiped 26% of the company's share price yesterday.
The ruling appeared to put an end to Essar's use of a tax scheme for its oil refining operations in the state of Gujarat, which had seen the company defer $1.235bn in tax payments.
Essar now says it is "examining all legal options" and expects to file a review petition in the next 30 days.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The news of an appeal is what has helped the stock regain some of the lost ground on Wednesday. By 10:58, the shares were up 8.8% but the stock is still down some 20% from yesterday's open.
Since listing in May 2010, Essar has lost 64% of its value and may drop out of the FTSE 100 later this year.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
High earners underestimate how much they need to retire comfortably
High net worth individuals grossly misjudge how much money they need for a comfortable retirement, new data shows, with many not saving enough.
-
Retired banker who gave wife £80m to avoid inheritance tax won’t face equal split in divorce
Family lawyers say the Supreme Court ruling will have significant impact on high net worth divorce cases