Polycab It Raid News Today

Polycab Share Price: Shares of electrical equipment manufacturer Polycab tanked 20% to the days low of Rs 3,801 on Thursday after the Income Tax department detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group. A total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were reported to have been covered in the raids.

Shares of Polycab, an electrical equipment manufacturer, plunged 20% after the Income Tax department uncovered unaccounted cash sales of about Rs 1,000 crore during a recent raid on the Polycab group. The CBDT revealed that the group, in collusion with authorized distributors, evaded taxes through unrecorded cash sales. Polycab India denied the allegations, asserting its commitment to compliance and transparency.

Polycab India Limited is the countrys largest manufacturer of wires and cables. Its business operations span across India through 23 manufacturing facilities, more than 15 offices and over 25 warehouses.

Polycab is Indias largest company in the cables and wires sector with a market share of 15% in the organised category. The stock, which has more than doubled in value in the last one year, is seen as a major play on the capex upcycle in India.

Shares of Polycab India declined over 5 percent in intra-day deals on Friday following searches conducted by the Income Tax Departments investigation wing at nearly 50 locations linked to the company across the country.

Polycab is Indias largest company in the cables and wires sector with a market share of 15% in the organised category. The stock, which has more than doubled in value in the last one year, is seen as a major play on the capex upcycle in India.