Income Tax conducts countrywide raids at Trident Group, stocks take 2% dive
The Trident Group, which was founded in the early years of the country’s economic liberalisation, has grown to be a player across industries.
New Delhi: The Income Tax Department is carrying out raids on the Trident Group, a diversified conglomerate with interests in yarn, home textiles, paper and stationery, chemicals, and adaptive power.
These ongoing raids across the country are part of an investigation into potential financial irregularities, officials said.
Trident Group, founded by Padma Shri Rajinder Gupta, is a prominent player in multiple industries and operates manufacturing facilities in key locations, including Budhni in Madhya Pradesh and Barnala and Dhaula in Punjab.
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.
Trident Group shares drop upto 2%
As the I-T authorities raided multiple offices of Trident Group, the company stocks tanked upto 2%.
In morning trade, Trident stocks were trading at about Rs 36.25, more than 2.40% lower than at around 11 am.
The stock had opened at Rs 37.30.