Sweden's Truecaller hit by Indian tax raid, shares fall
07/11/2024 12:39
COPENHAGEN, Nov 7 (Reuters) - Indian tax authorities
raided the local offices of Swedish software group Truecaller
TRUEb.ST on Thursday, the company said in a statement, sending
the firm's Stockholm-listed shares down 11%.
"This came without prior notice and Truecaller is currently
awaiting official confirmation and communication from the tax
departments," the company said in a statement.
"This is not an uncommon practice and Truecaller will
cooperate fully with the relevant authorities," it added.
The company said it had not been subject to any tax
investigation in India outside of routine audits.
Shares in the company traded 9.3% lower at 1210 GMT.
The company on Wednesday said it had appointed Rishit
Jhunjhunwala, currently chief of product and managing director
of its India division, as its new chief executive.
(Reporting by Stine Jacobsen, editing by Terje Solsvik and
David Evans)
((stine.jacobsen@thomsonreuters.com; +45 2156 90 10;))