India’s Income Tax Department has conducted survey operations at several business premises of Marico Group on charges of tax evasion, PTI reported on Wednesday citing official sources.
The Mumbai team of the Income Tax Department is conducting the survey, the officials said. They are scrutinising financial documents and transactions of the company as part of an investigation into alleged tax evasion.
Marico Ltd. confirmed the development in a late-night exchange filing.
“Earlier today, certain officials of the Income Tax Department visited some of the company’s offices and manufacturing units in India,” the consumer goods maker said. “The proceedings are underway and the company is extending its full cooperation to the officials.”
“Currently, there is no material impact on the business operations of the Company due to the aforesaid action.”
Marico is one of India’s leading consumer goods companies operating in the beauty and wellness categories. The company clocked a turnover of $1.3 billion in 2024-25 from its operations in India, Asia and Africa.
On Wednesday, Marico shares fell 1.59% to ₹712.30 apiece on the BSE even as the benchmark Sensex ended the day 0.38% higher at 82,693.71 points.
Source: Hindustan Times
Share this content: