Polycab India Ltd witnessed an upswing in Wednesday’s trade, rebounding from a nearly 9% slump in the previous session, following the company’s denial of tax evasion rumors. The stock experienced a 3.47% rise, reaching a day high of Rs 5,036.20, and was last observed trading 2.11% higher at ₹4,969.90.
In response to circulating rumors, Polycab issued a statement in a BSE filing, refuting any allegations of tax evasion and reaffirming its dedication to compliance and transparency. The company highlighted its full cooperation with the Income Tax (I-T) department officials during the search proceedings in December 2023. Notably, the firm emphasized that it has not received any communication from the I-T department regarding the outcome of the search.
In a separate development, stock exchanges sought clarification from the wire and cable manufacturer in response to a report titled “Polycab share price tanks on reports of over Rs 200-crore tax evasion, companies deny allegations.” The company is yet to respond to this query.
On the BSE, approximately 1.08 lakh shares were traded during the day, surpassing the two-week average volume of 37,000 shares. The turnover on the counter amounted to Rs 53.59 crore, contributing to a market capitalization (m-cap) of Rs 74,094.41 crore.
