This is to inform you that the Income Tax Department of India is executing raids at Trident Group across the country. Yes, you heard it right, it is true that the diversified conglomerate that operates in yarn, stationary, chemicals, home textile, and adaptive power, is currently under legal trouble as the Income Tax Department has reached its door. Sources familiar with the development claimed the countrywide units of Trident Group are under IT raid. The ongoing raid across the country is being carried out as part of an investigation into potential financial irregularities, a senior official said. This news is today’s breaking news in the market as it significantly impacted the share prices of Trident Group shortly after the news came out. People and investors have been keenly following the updates of countrywide raids on the Trident Group. Let’s delve deep into the details and find out more details.
IT Raids On Trident Group Across India
For the unversed, Trident Group was founded by a prominent player in multiple industries, Padma Shri Rajinder Gupta who also operates manufacturing facilities in key locations such as Dhaula and Barnala in Punjab and Budhni in Madhya Pradesh. According to the reports, the IT raids on Trident Group are not limited to a particular location as the Income Tax Department is conducting raids on its all units across the country.
Sources have confirmed that the Income Tax Department sent at least 40 officials to the Budhni unit of Trident Group which is located in Madhya Pradesh. The IT raid extends various premises linked to the top officials and promoters of the Trident Group. Not to mention, Trident Group has been a key player across industries since the country’s economic liberalization was done in the early years. Over the years, the Trident Group has expanded its portfolio as it has started working in paper, energy, chemicals, and more.
It is said that IT raids on the group’s units across the country are for financial transactions. The intensive raid on Trident Group will shed light on its records. The Income Tax Department seeks to ensure compliance with the tax regulations. Reportedly, due to I-T raids at Trident Group locations across the country, the stock prices of the group have dropped by 2.15 percent. Currently, the Trident Group’s stock is trading at Rs 36.35 per share on the NSE. Notably, the stock had opened at Rs 37.30, 0.4 percent higher than the close on October 16.