India Overturns Nokia (NOK) Appeal on Tax Claims

May 31, 2013 9:13 AM EDT
Nokia Corp (NYSE: NOK) shares are lower Friday following news that its appeal to overturn a tax ruling was dismissed.

According to reports, Indian authorities dismissed an appeal by Nokia over an income tax demand of 20.8 billion Indian rupees (about $370 million).

The demand was served to Nokia last March and accounts for accumulation of taxes over five years, from 2006/2007 through 2011/2012.

Nokia said it would examine all options following the verdict. Shares are down 1.2 percent early.

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