Nokia (NOK) to Protest Ongoing Tax Probe in One of Its Key Markets

February 12, 2013 10:17 AM EST
Nokia Corp (NYSE: NOK) is lower amid reports on Tuesday that it will be protesting a tax investigation in India, one of its key growth markets.

To date, Nokia hasn't received any information tied to the probe, which began in January at Nokia's factory in Chennai.

One official in India said the investigation is tied to allegations that Nokia might have skirted about $560 million in taxes (about 30 billion rupees).

The Finnish mobile phone giant said that the move was, "unacceptable and inconsistent with Indian standards of fair play and governance."

Shares of Nokia are down 0.2 percent in early trading. The company debuted its new Asha 310 smartphone earlier, which will be available in India, Brazil, and other markets within the first quarter. Click here for more color.

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