Wirecard says India business performing better than expected

BERLIN (Reuters) - German payment processor Wirecard on Tuesday said its Indian business GI Retail Group was performing better than expected as it rejected a report critical of Wirecard's acquisition of the Indian payments business in 2015.

Wirecard said in a statement emailed to Reuters that it rejected the report, adding that the full price for the takeover had been paid out.

It also said that there had been no writedowns in connection with the Indian transaction. It said the business was exceeding the expectations of management at the time of the acquisition.

Wirecard's stock was hit earlier on Tuesday by a report by the Southern Investigative Reporting Foundation (SIRF), that was critical of Wirecard's acquisition of the Indian business. (http://bit.ly/2BmCGTX)

Wirecard reiterated a forecast given in December for earnings, before interest, taxation, depreciation and amortisation (EBITDA) of 510 million euros to 535 million euros for 2018.

(Reporting by Joern Poeltz, writing by Emma Thomasson. Editing by Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)