Xiaomi’s shares have fallen sharply in Hong Kong after Indian authorities accused the world’s second-largest smartphone vendor of making “illegal remittances” and seized about $730mn in New Delhi’s latest move against a Chinese-owned company.
India’s Enforcement Directorate, its anti-money laundering and foreign exchange crime division, alleged that Xiaomi’s Indian subsidiary had sent Rs55.51bn ($725mn) of foreign currency out of the country in violation of India’s strict foreign exchange laws.
Xiaomi’s Hong Kong listed shares dropped as much as 6 per cent to HK$11.46 (US$1.46) before paring the losses on Tuesday morning, the market’s first day of trading since India announced the case on Friday evening.
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