Polycab clarifies after stock nosedives 20% amid press release of IT searches for alleged tax evasion.
In response to the Income Tax Department’s search proceedings conducted from December 22, 2023, to December 30, 2023, at certain premises of the company, the company has issued clarifications and intimations. Throughout the search proceedings, the company has cooperated fully with the officials from the Income Tax Department, providing necessary clarifications and details as requested.
A press release titled ‘Income Tax Department conducts search operations in Mumbai’ was published on January 10, 2024, by the Press Information Bureau, Delhi. However, it does not specifically name any company. The company emphasizes that, as of the current date, no written communication has been received from the Income Tax Department regarding the outcomes of the search. The company has consistently provided updates related to the search proceedings.
Polycab stock ended the session today at Rs 3,878.45 on the NSE, down 21% against its previous close. The stock witnessed its worst single day fall since listing today and was the top F&O loser in trade.
