Income tax officials are conducting search operations on Wednesday at the Hinduja Group's offices in Mumbai and at the residence of Ashok Hinduja, the chairman of the company's India business.
The survey operation is being conducted as part of an investigation into tax evasion connected with the General Anti-Avoidance Rules (GAAR), covering offices in Mumbai and several other cities.
The conglomerate holds major stakes in companies like IndusInd Bank, Gulf Oil, Hinduja Global Solutions (HGS), Hinduja Leyland Finance, Hinduja Bank (Switzerland) and Ashok Leyland, among others.
About Hinduja Group
The Hinduja Group is a multinational conglomerate with a diverse portfolio of businesses operating across several sectors, including automotive, banking and finance, information technology, media, oil and gas, power, real estate, and healthcare.
Established in 1914, the group has its roots in India and has expanded its presence globally, with a significant footprint in Europe, the Middle East, Asia, and the Americas.
The shares of Ashok Leyland on Wednesday at 12:21 pm IST were trading at Rs 178.90, down by 0.028 percent and the shares of IndusInd Bank at 12:23 pm IST were trading at Rs 1,481.50, up by 0.27 percent.
On the other hand, the Hinduja Global Solutions at 12:24 pm IST were trading at Rs 948.15, up by 0.011 percent.