Polycab share

Polycab Share Drama: Tax Evasion Allegations Shake Stock Market

🚨 Polycab India shares plunge 8% with rumors of ₹200 crore tax theft! Will the company bounce back? Find out here. #StockMarket #TaxEvasion

Polycab India shares have been on a rollercoaster ride lately, with a dramatic 8% drop fueled by rumors of a ₹200 crore tax evasion scandal. The stock market is buzzing with speculation as the company faces intense scrutiny. In a surprising twist, Polycab India refuted these allegations, affirming its dedication to providing top-notch products and services to customers. Despite the recent setback, the company has seen a remarkable 37% return over the past six months, showing resilience amidst the chaos.

Amidst the chaos, Polycab shares took another hit, plunging 7% on reports of tax evasion, causing a stir in the F&O counter. The Income Tax Department claimed to have evidence of the alleged tax fraud, sending shockwaves through investors. Despite this, Polycab remained steadfast, focusing on its mission amidst the market turmoil.

Surprisingly, the shares of Polycab witnessed a massive jump after the cable and wire manufacturer vehemently denied any involvement in tax evasion. The stock market reacted positively to this news, indicating investors' confidence in the company's integrity. In a twist of events, Polycab's stock price soared over ₹140, reflecting the market's optimism.

In a final twist, Polycab India categorically denied the tax evasion allegations, stressing that no communication had been received from the Income Tax Department. The company stood firm, dismissing the claims of tax fraud worth ₹250-300 crore, maintaining its position in the market amidst the storm.