Polycab shares crash amid reports of Rs 200 cr tax evasion


Mumbai, Jan 9 (IANS): Shares of Polycab crashed by over 7 per cent on Tuesday amid media reports that the Income Tax Department had allegedly detected undisclosed income to the tune of Rs 200 crore by the company.

Officials of the Income Tax Department had conducted searches at the premises of Polycab's in December and were reported to have found discrepancies in the financial records.

Tax officials claim that the department intends to issue a notice to the company soon, to pay up the the alleged evaded taxes and applicable penalties.

However, Polycabs has denied the claims of tax evasion.

The wire and cables manufacturing company said it has responded to the clarifications and details asked by the income tax department after the search.

The company has asserted that it has not received any communication from the Income Tax Department.

At 1.45 p.m., Polycab shares were trading at Rs 4,964.95 apiece.

 

  

Top Stories


Leave a Comment

Title: Polycab shares crash amid reports of Rs 200 cr tax evasion



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.