Sweden's Truecaller hit by Indian tax raid, shares fall
· CNA · JoinCOPENHAGEN : Indian tax authorities raided the local offices of Swedish software group Truecaller on Thursday, the company said in a statement, sending the firm's Stockholm-listed shares down 11 per cent.
"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 per cent 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.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app