our quarterly or annual earnings or those of our competitors;
developments affecting fiscal, industrial or environmental regulations;
the public’s reaction to our press releases and adverse media reports; and
general economic conditions.

A decrease in the market price of our Equity Shares could cause you to lose some or all of your investment.

62. Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may have an adverse
effect on the value of our Equity Shares, independent of our operating results.

On listing, our Equity Shares will be quoted in Indian Rupees on the Stock Exchanges. Any dividends in respect
of our Equity Shares will also be paid in Indian Rupees and subsequently converted into the relevant foreign
currency for repatriation, if required. Any adverse movement in currency exchange rates during the time taken for
such conversion may reduce the net dividend to foreign investors. In addition, any adverse movement in currency
exchange rates during a delay in repatriating the proceeds from a sale of Equity Shares outside India, for example,
because of a delay in regulatory approvals that may be required for the sale of Equity Shares may reduce the
proceeds received by Shareholders. For example, the exchange rate between the Indian Rupee and the U.S. dollar
has fluctuated substantially in recent years and may continue to fluctuate substantially in the future, which may
have an adverse effect on the returns on our Equity Shares, independent of our operating results.

63. Investors may be subject to Indian taxes arising out of income arising on the sale of the Equity Shares.

Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares
held as investments in an Indian company are generally taxable in India. Any capital gain realized on the sale of
listed equity shares on a Stock Exchange held for more than 12 months immediately preceding the date of transfer
will be subject to long term capital gains in India at the specified rates depending on certain factors, such as
whether the sale is undertaken on or off the Stock Exchanges, the quantum of gains and any available treaty relief.
Accordingly, you may be subject to payment of long term capital gains tax in India, in addition to payment of
Securities Transaction Tax (“STT”), on the sale of any Equity Shares held for more than 12 months immediately
preceding the date of transfer. STT will be levied on and collected by a domestic stock exchange on which the
Equity Shares are sold. Further, any capital gains realized on the sale of listed equity shares held for a period of
12 months or less immediately preceding the date of transfer will be subject to short term capital gains tax in India
as well as STT.

Capital gains arising from the sale of the Equity Shares will not be chargeable to tax in India in cases where relief
from such taxation in India is provided under a treaty between India and the country of which the seller is resident
read with the Multilateral Instrument (“MLI”), if and to the extent applicable, and the seller is entitled to avail
benefits thereunder. Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a
result, residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain upon
the sale of the Equity Shares.

No dividend distribution tax is required to be paid in respect of dividends declared, distributed or paid by a
domestic company after March 31, 2020, and accordingly, such dividends would not be exempt in the hands of
the shareholders, both resident as well as non-resident. The Company may or may not grant the benefit of a tax
treaty (where applicable) to a non-resident shareholder for the purposes of deducting tax at source pursuant to any
corporate action including dividends.

Similarly, any business income realized from the transfer of Equity Shares held as trading assets is taxable at the
applicable tax rates subject to any treaty relief, if applicable, to a non-resident seller. Additionally, in terms of the
Finance Act, 2018, which has been notified on March 29, 2018 with effect from April 1, 2018, the tax payable by
an assessee on the capital gains arising from transfer of long term capital asset (introduced as section 112A of the
Income-Tax Act, 1961) shall be calculated on such long-term capital gains at the rate of 10%, where the long-
term capital gains exceed 2100,000, subject to certain exceptions in case of a resident individuals and HUF.

Further, the Finance Act, 2019 has made various amendments in the taxation laws and has also clarified that, in
the absence of a specific provision under an agreement, the liability to pay stamp duty in case of sale of securities
through stock exchanges will be on the buyer, while in other cases of transfer for consideration through a
depository, the onus will be on the transferor. The stamp duty for transfer of securities other than debentures, on
a delivery basis is specified at 0.015% and on a non ~delivery basis is specified at 0.003% of the consideration
amount. These amendments were notified on December 10, 2019 and have come into effect from July 1, 2020.

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