Polycab shares crash 21% amid tax row ...Middle East

Mumbai: Shares of Polycab India crashed by 21 per cent on Thursday after the Income Tax Department’s statement that about Rs 1,000 crore in undisclosed sales had been detected in the recent raid on the wire and cables manufacturing company. The Polycab stock fell to 3,904.7 at 3.30 pm on Thursday. The company’s shares had declined 9 per cent on Wednesday and it had issued a statement denying the allegations of tax evasion. The company shares had been rising steadily in recent weeks before the Income Tax raids were reported. “The ongoing Rs 1,000 crore tax evasion case involving Polycab awaits further clarity. Amidst expectations of sustained volatility, there is an anticipation that the sto

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