Polycab shares tumble on tax evasion report

Mumbai: Shares of Polycab India, a wire and cable maker, fell about 9% to close at ₹4,874.95 on Tuesday following news reports that the tax department allegedly found instances of tax evasion of over ₹200 crore.

The company, in a disclosure to stock exchanges, denied allegations of tax evasion.

"The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec '23," said Polycab in the release.


"The company has not received any communication from the income-tax department regarding the outcome of the search."

Investors must wait for the third quarter results before buying Polycab shares afresh, said Sandip Sabharwal, founder of asksandipsabharwal.com, an investment research firm.