New Delhi, Dec 23 (IANS): Polycab India has said that the Income Tax Department has initiated a search at some of the premises and plants related to the company.

“Pursuant to Regulation 30 of the Listing Regulations, please be informed that the Income Tax Department has initiated a search today, i.e., December 22, 2023 at some of the premises/plants related to the Company. The Company is fully cooperating with the authorities, providing them with all necessary information and support," Polycab India said in a filing on Friday.

“Once the search by the Income Tax Department concludes, the Company will update the Stock Exchanges in case of any material information/event. At Polycab India, we adhere to the highest standards of ethical conduct and legal compliance. Our commitment to transparency and belief in the due process of law remain unwavering," it added.

Polycab shares fell more than 4 per cent on Friday after reports of the Income Tax search operations. The company’s market cap is Rs 80,493 crore.