** Shares of Sapphire Foods SAPI.NS fall as much as 2.4% to 319.3 rupees apiece
** State tax authority dismisses appeal, confirms demand of 30.74 million rupees ($358,739) including tax, interest, and penalty
** SAPI, which is the India operator of KFC restaurants and Pizza Hut, says order will not have a material impact on its financial operations
** Adds it is in process of responding to demand order
** Shares down 0.7% in 2025 so far, underperforming the 5.4% rise in Nifty 500 index .NIFTY500
($1 = 85.6890 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.