Mumbai, Dec 22 (IANS): Polycab India shares plunged by close to 5 per cent on Friday amid reports of the Income Tax Department carrying out raids at 50 premises of the company nationwide.
The residences and offices of the top management of the firm were also being searched in the raids being carried out for suspected tax evasion.
Polycab shares were trading 5.04 percent lower at Rs 5,335 on the National Stock Exchange (NSE). On BSE, the stock fell to the day's low of Rs 5,404.
This comes as a major setback for the company as its stock price had doubled this year.
Polycab India manufactures and sells wires and cables apart from other electrical goods. The company's operations extend across the country with 23 manufacturing facilities, over 15 offices and more than 25 warehouses.
The company had announced a consolidated net profit of 436.89 crore for the July-Sept quarter.