The Income Tax Department’s investigation wing has conducted a survey at the premises of Marico Limited, the parent company of popular hair oil brand Parachute, according to a live report by Zee Business.
The survey, carried out on September 17, has brought Marico into the spotlight as one of India’s leading FMCG players comes under the scanner of tax authorities. Specific details on the scope or findings of the raid have not yet been made public.
Shares of Marico reacted to the development and were trading at Rs 715.00, down Rs 8.90 from the previous close. The stock is expected to remain in focus through the trading session as investors watch for further updates.
Marico, a household name with brands such as Parachute, Saffola, and Livon, has a strong presence in both domestic and international markets. The outcome of the Income Tax Department’s exercise could have a bearing on near-term sentiment around the stock.
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