Nokia Corporation (ADR) (NYSE:NOK) Defaulted Around $543 Million on Tax in India - TLAB, CIEN, JDSU

Pompano Beach, FL -- (SBWIRE) -- 01/08/2013 -- Nokia Corporation (ADR) (NYSE:NOK) facility in Chennai, India, was raided recently by state tax officials.

IN accordance with Reuters, which was first to break this news, Nokia authenticated to the news service that a raid was carried out on an office in the southern India city and that the firm is collaborating with the inquiry, but refused to give further particulars.

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An Indian tax representative informed Reuters that the raid involves accusations of potential tax evasion against the smartphone manufacturer.

The official informed Reuters that the tax default is supposed to be approximately 30 billion rupees or $543 million.

At the current trading session, Nokia Corporation (ADR) (NYSE:NOK) shares lost -4.15% to $4.11 while The Stock traded within the range of $3.98 – $4.11. In the past year, the stock has traded within a range of $1.63 – $5.87. The current session’s volume of 40.39 million shares is down from the average daily trading volume of 60.48 million shares.

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While If we look at the few other stocks within industry, Tellabs, Inc., Ciena Corporation and JDS Uniphase Corp were remain in volume leaders. Let’s have a quick look on their Market performance.

Tellabs, Inc. (NASDAQ:TLAB) shares are up +1.85% to $2.20 while the stock is traded within the range of $2.18 – $2.23 in the current trading session. In the last 12 months the shares have traded between $2.16 and $4.41. The current session’s volume of 2.54 million shares is lower than their average daily trading volume of 6.30 million shares.

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Ciena Corporation (NASDAQ:CIEN) shares in the current session moved down -3.61% reaching at $15.47. The stock traded in a range of $15.42 – $16.14. In the last year the stock has moved within a range of $11.44 – $18.39. The current session’s volume of 2.32 million shares is lower from their average daily trading volume of 3.52 million shares.

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Another rival company JDS Uniphase Corp (NASDAQ:JDSU) trading down -1.83% to $13.88. Intraday trading recorded the stock price in a range of $13.80 to $14.15. In the previous 52 weeks the stock’s price ranged between $8.47 and $15.17. The current session’s volume of 1.62 million shares was down from their average daily trading volume of 3.85 million shares.

Has JDSU Found The Bottom and Ready To Move Up? Find Out Here

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