Sweden's Truecaller hit by Indian tax raid, shares fall 11%

Indian tax authorities raided the local offices of Swedish software group Truecaller on Thursday, the company said in a statement, sending the firm's Stockholm-listed shares down 11%.

"This came without prior notice and Truecaller is currently awaiting official confirmation and communication from the tax departments," the company said in a statement.

"This is not an uncommon practice and Truecaller will cooperate fully with the relevant authorities," it added.


The company said it had not been subject to any tax investigation in India outside of routine audits.

Shares in the company traded 9.3% lower at 1210 GMT.

The company on Wednesday said it had appointed Rishit Jhunjhunwala, currently chief of product and managing director of its India division, as its new chief executive.