India tax authorities conduct searches at IIFL group companies, sources say

360 One Wam

28/01/2025 07:16

NEW DELHI/MUMBAI, Jan 28 (Reuters) - India's income tax
authorities are undertaking search operations at three IIFL
group companies, IIFL Finance  IIFL.NS , 360 One Wam  ONEW.NS 
and IIFL Securities, two sources familiar with the development
said on Tuesday.
    It was not immediately clear what information was being
sought by the tax officials as employees present in offices of
the companies were not allowed to use phones, one of the sources
said.
    Shares of 360 One, down 7.6%, fell the most among IIFL group
stocks, while IIFL Finance shares were down 3.5% and IIFL
Capital Services  IIFS.NS  lost about 2.1% in mid-day trade.
    IIFL group, the companies and the income tax department did
not immediately respond to Reuters' request seeking comments.
     
  

 (Reporting by Siddhi Nayak in Mumbai and Nikunj Ohri in New
Delhi; Editing by Mrigank Dhaniwala)
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