Marico shares trade over 1% lower amid reports that I-T Dept conducts survey operations at various premises

Shares of Marico Ltd, one of the leading fast-moving consumer goods companies, were trading over 1% lower in the afternoon deals on Wednesday, September 17.

The stock was in the red amid news reports that the Income Tax Department conducted survey operations at various business premises of the Marico group on Wednesday, on charges of tax evasion.

The action is being undertaken by the Mumbai investigation wing of the department, PTI reported, quoting sources.

The tax department teams are scrutinising the company's financial documents and transactions as part of a tax evasion probe, they said.

The company could not be contacted immediately for a comment on the I-T action, PTI said.

Marico is one of India's leading consumer goods companies operating in the global beauty and wellness categories.

As per a company statement, during the 2024-25 fiscal year, it recorded a turnover of $1.3 billion through its products sold in India and chosen markets in Asia and Africa.

As part of a survey operation, the tax department makes a surprise visit to the business premises of the entity under investigation.

Marico: Recent Developments

Last week, the homegrown FMCG products maker announced the acquisition of the remaining 46.02% shares of HW Wellness Solutions, which owns the True Elements brand.

This will be done for a consideration of "up to ₹138 crore" towards the acquisition of the balance of the 46.02% equity stake in HW Wellness, Marico said in a regulatory filing.

The deal will make the Pune-based packaged foods company a fully owned subsidiary of Marico, which earlier invested in HW Wellness to acquire 53.98% in May 2022.

In August 2025, Marico's Managing Director and Chief Executive Officer, Saugata Gupta, said that it expects to deliver double-digit growth in the next one or two quarters in the domestic market, helped by its core franchises and expansion of new businesses.

The company, which reported a 9% rise in domestic volumes, now aims for a revenue growth of around 25% this year, led by pricing actions, Gupta told PTI.

"As far as overall revenue is concerned, we should be able to deliver in the mid-20s to around 25% this year, given the pricing initiation," the MD said.