polycab india share price dropped by 20 percent after income tax raid finding news mdn

Polycab India Share Price: Shares of electrical products manufacturing company Polycab India fell by 21 percent on Thursday amid tax evasion controversies. This reduced the company’s market valuation by Rs 15,485.96 crore. Central Board of Direct Taxes (CBDT) officials and other sources said on Wednesday that the Income Tax Department has detected ‘unaccounted cash sales’ worth about Rs 1,000 crore after it recently raided Polycab Group, a leading manufacturer of wires, cables and electrical goods. ‘ has been detected. After this, the company’s shares fell 21.08 percent to close at Rs 3,877.40 on BSE. During the day’s trading, the company’s shares fell by 22.40 percent to Rs 3,812.35. The company’s shares fell 20.50 percent to Rs 3,904.70 on NSE. The market valuation of the company declined by Rs 15,485.96 crore to Rs 58,225.57 crore. After launching searches against the group on December 22 last year, unaccounted cash worth more than Rs 4 crore was seized and more than 25 bank lockers were frozen, the CBDT said in a statement.