Recent tax evasion concerns have wiped out over Rs15,000 crore from the market valuation of India's largest wire and cable maker
For the first time since getting listed in April 2019, the shares of Polycab India saw their steepest fall on January 11. The stocks of India's largest wire and cable maker fell by 21 percent, wiping out over Rs15,000 crore from its market valuation amid tax evasion concerns. Last month, the Income Tax Department conducted searches at its 50 locations from December 22 to December 30.
The impact on the market started showing up after Polycab issued a press release on January 9 denying reports of tax evasion by the company that were circulating in the media. “The company has not received any communication from the income-tax department regarding the outcome of the search.”