Volkswagen India unit faces $1.4 billion tax evasion notice

Volkswagen shares fell as much as 2.13% on the Frankfurt stock exchange after Reuters reported the India tax notice.

India has issued a notice to German automaker Volkswagen for allegedly evading $1.4 billion in taxes by “wilfully” paying lesser import tax on components for its Audi, VW and Skoda cars, a document shows, in what is one of the biggest such demands.