Shares of Polycab India Ltd slipped 3% in early trade after the investigation wing of the Income Tax Department carried out searches at nearly 50 locations linked to the firm across the nation on Friday. The residences and offices of the top management linked to the cables and wire maker were also being raided, according to reports. Polycab India shares slipped 3% to Rs 5450 on BSE. The stock closed at Rs 5620.60 in the previous session.
Shares of Polycab India declined over 5 percent in intra-day deals on Friday following searches conducted by the Income Tax Department s investigation wing at nearly 50 locations linked to the company across the country.