This company manufacturing electrical wires and equipment did such a thing, its share price fell by 21%, know what will happen today
Polycab India Share Worth: Shares {of electrical} merchandise manufacturing firm Polycab India fell by 21 % on Thursday amid tax evasion controversies. This lowered the market valuation of the corporate by Rs 15,485.96 crore. Central Board of Direct Taxes (CBDT) officers and different sources mentioned on Wednesday that the Revenue Tax Division has detected ‘unaccounted money gross sales’ value about Rs 1,000 crore after it just lately raided Polycab Group, a number one producer of wires, cables and electrical items. ‘ has been detected. After this, the corporate’s shares fell 21.08 % to shut at Rs 3,877.40 on BSE. Throughout the day’s buying and selling, the corporate’s shares fell by 22.40 % to Rs 3,812.35. The corporate’s shares fell 20.50 % to Rs 3,904.70 on NSE. The market valuation of the corporate declined by Rs 15,485.96 crore to Rs 58,225.57 crore. After launching searches towards the group on December 22 final yr, unaccounted money value greater than Rs 4 crore was seized and greater than 25 financial institution lockers have been frozen, the CBDT mentioned in an announcement.
Click Here To Join Our Telegram Channel
When you’ve got any considerations or complaints concerning this text, please tell us and the article will probably be eliminated quickly.
