India, Feb. 27 -- Shares of fintech SaaS major Zaggle slipped 4% to INR 346.10 during the morning trade on the BSE today (February 27), a day after an INR 2.6 Cr penalty was imposed by the Additional Commissioner, Rangareddy, Telangana under the IGST Act.

The company in an exchange filing said that it received an order summary stating the penalty in relation to the assessment proceedings conducted for overriding commission for the financial year 2017-18.

Zaggle said that it is planning to challenge the penalty as it expects a favourable outcome at the appellate level and does not foresee any material financial impact.

At the time of writing, its shares recovered some losses and were trading 2.74% lower at INR 349.80. However, with a dr...