Polycab shares fell 20%

New Delhi: Polycab India shares plunged 20 per cent on Thursday after reports of Income Tax evasion. Polycab shares were trading at Rs 3,905, down 20.5 per cent on BSE. In an earlier statement, Polycab India, a leading electrical goods company, denied any rumours of tax evasion by the company circulating in media.

The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in December 2023.

The company has not received any communication from the Income-tax department regarding the outcome of the search, Polycab said. Polycab India remains focused on its mission to provide quality products and services to its customers while upholding the principles of corporate governance and ethical business practices.