As of 10:00 am the shares on NSE were trading at ₹3,929.50, 20% lower
The revelation came after a recent raid on the Polycab group, a leading manufacturer of wires, cables, and electrical items, as reported by CBDT and official sources on Wednesday. The Income Tax department disclosed that more than Rs 4 crore in unaccounted cash was seized during the operation, and restrictions were imposed on over 25 bank lockers.
The searches, initiated on December 22 last year, covered a total of 50 premises in locations such as Mumbai, Pune, Aurangabad, and Nashik in Maharashtra, as well as Daman, Halol in Gujarat, and Delhi. The CBDT, the administrative body for the Income Tax department, further noted that the raids also extended to some authorized distributors associated with the Polycab group.
While the CBDT statement did not explicitly mention the group’s name, official sources have since confirmed it to be Polycab India Limited.
