Income Tax Department Conducts Survey At Marico Offices And Factories
The survey action, being conducted by the Mumbai branch, is linked to the scrutiny of certain foreign funding transactions, sources told NDTV Profit.
The Income Tax Department on Wednesday surveyed various Marico Ltd. offices, major dealers, and factories. The survey action, being conducted by the Mumbai branch, is linked to the scrutiny of certain foreign funding transactions, sources told NDTV Profit.
More details about the investigation are awaited. Marico is yet to make any public statement on the matter.
Mumbai-headquartered Marico is a leading Indian consumer goods company offering products in categories like hair care, skin care, edible oils, healthy foods, and male grooming under well-known brands such as Parachute, Saffola, and Set Wet. The company manufactures, markets, and sells these products across India and in emerging markets in Asia and Africa.
Shares of Marico traded over 1% lower as of 10:40 a.m.
Shares of Marico traded over 1% lower as of 10:40 a.m. The benchmark Nifty 50 was up 0.3%. The stock has risen 3% in the last 12 months and 12% so far this year.
(This is a developing story. More updates to follow.)
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