Polycab share price

Shocking Tax Scandal Rocks Polycab: Share Price Plummets Amid Allegations

Breaking news: Polycab shares dive as tax evasion accusations surface! Get the full story here.

In a shocking turn of events, Polycab, the renowned wire and cable manufacturer, is facing a major crisis as reports of over ₹200 crore tax evasion emerge. The Income Tax Department has alleged that Polycab failed to disclose a significant amount of income, causing a stir in the market. As a result, Polycab India's stock price plummeted by -8.93% today, closing at ₹5344.75 per share.

Despite the accusations, Polycab India refuted the claims of tax evasion, leading to a slight recovery in their share price. However, the stock still experienced a 9.26% drop, hitting a low of Rs 4850. Investors were left uncertain about the company's financial practices, contributing to the volatile market conditions.

The situation worsened for Polycab as the F&O counter witnessed a 7% plunge, trading below the 50-day moving average. Media reports further fueled the downfall, highlighting the alleged income discrepancies and triggering a loss in investor confidence.

In response to the escalating crisis, Polycab India released a statement denying any involvement in tax evasion. The company dismissed rumors circulating in the media and clarified that there has been no communication from the Income Tax Department regarding the alleged tax evasion worth ₹250-300 crore.

Did you know? Polycab shares surged over Rs 140 after the company refuted the tax evasion allegations, showcasing the impact of public perception on stock prices.

Interesting Fact: Despite the turmoil, Polycab's reputation remains intact, with the company maintaining a strong stance against the accusations.