Mumbai, Jan 9 : Shares of Polycab crashed by over 7 per cent on Tuesday amid media reports that the Income Tax Department had allegedly detected undisclosed income to the tune of Rs 200 crore by the company.
Officials of the Income Tax Department had conducted searches at the premises of Polycab’s in December and were reported to have found discrepancies in the financial records.
Tax officials claim that the department intends to issue a notice to the company soon, to pay up the the alleged evaded taxes and applicable penalties.
However, Polycabs has denied the claims of tax evasion.
The wire and cables manufacturing company said it has responded to the clarifications and details asked by the income tax department after the search.
The company has asserted that it has not received any communication from the Income Tax Department.
At 1.45 p.m., Polycab shares were trading at Rs 4,964.95 apiece.
pannu/ksk
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