Wires crossed: Polycab navigates uncertainty amid income tax raids
Mint Mumbai|January 15, 2024
Two weeks into 2024, Polycab India Ltd's shares are down 27%. Reports of tax evasion by the company have created an environment of uncertainty.
Vineetha Sampath

A press release from the finance ministry has stated that the income tax department had initiated search and seizure operations of a group engaged in the manufacturing of wires and cables on 22 December. The government's release does not specify the company's name. A filing made by Polycab in response to the clarification sought by the exchanges says that the income tax department had initiated search proceedings across some of its plants from 22 December to 30 December.

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