ICICI Lombard General Insurance Co. received an income tax demand of Rs 1,388 crore on Thursday from the Office of the Assistant Commissioner of Income-Tax, Mumbai, according to an exchange filing on BSE.
"These disallowances primarily relate to industry-wide issues," the filing said.
The company has decided to pursue an appeal with the appellate authorities or evaluate other legal options, according to the counsel of their tax advisers.
Shares of ICICI Lombard General Insurance Company closed 0.97% lower at Rs 2,238.15 apiece on the NSE, compared to a 0.14% decline in the NSE Nifty 50.
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