Land-based casino operator Delta Corp was trading positive on Wednesday after recent decline led by Indian government’s decision to move forward with 28 percent GST on casino segment. Indian government had announced flat 28% GST on all the money players add to their account. Casino and gaming industry experts were expecting government to review its decision of such high taxes on casino sector. But, the GST council approved the 28% rate and this led to further decline in Delta Corp’s stock price.

Delta Corp stock was up by 1.2 percent on Wednesday and trading at Rs 183.2 during morning session. The stock has touched intraday high and low of Rs 183.75 and 181.70 respectively. The stock has taken support from lower levels and managed to stay above its 52-week low this week. After the government announced GST, Delta Corp touched 52-week low of Rs 173.70, facing major decline in a single day.

The stock later recovered as the company announced strong quarterly results. Investors will need to see the performance of Delta Corp for next two quarters to truly see the impact of GST. The company reported 19 percent jump in net profit and 9 percent increase in total revenue.

Delta Corp CFO Hardik Dhebar resigned after working with the hospitality and casino giant for 15 years. Dhebar will be pursuing new opportunities, as per the statement issued.