Income tax raids underway at Trident Group locations; stock down 2%

Shares of Trident Group were trading 2.42 percent lower on the NSE at Rs 36.25 at 10: 44 am,  on October 17 on news of I-T raids being conducted across Group locations. The stock had opened at Rs 37.30, 0.4 percent higher than close on October 16.

 Trident Group including Punjab and NCR.

According to an ANI report, officials have said that Income tax department raids at Trident Group are part of an investigation into potential financial irregularities.

Trident Group operates in yarn, home textile, paper and stationary, chemicals and adaptive power having their manufacturing facilities located in Budhni, Madhya Pradesh, Barnala and Dhaula, Punjab.

Trident Group
Trident Group

Trident Group, founded by Padma Shri Rajinder Gupta, is a prominent player in multiple industries and operates manufacturing facilities in key locations. 

The raids are not limited to a single location, as authorities are simultaneously carrying out probes in multiple cities.

More than 40 officials are currently involved in the raid at the Budhni plant located in Madhya Pradesh, officials said.

This operation extends to various premises linked to the promoters and top officials of the Trident Group.

The Trident Group, which was founded in the early years of the country’s economic liberalisation, has grown to be a player across industries.

Over time, the group has diversified its portfolio to include paper, chemicals, energy, and more.

These income tax raids are expected to shed light on the financial transactions and records of the Trident Group, as authorities seek to ensure compliance with tax regulations.

 

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