Hot Pursuit     22-Dec-23
Polycab India slumps on buzz of IT raids
Polycab India dropped 4.10% to Rs 5390 after the media reported that IT department has raided several facilities, offices and warehouses of the company over alleged tax evasion.
The Income Tax Department's investigation wing reportedly conducted searches at approximately 50 locations associated with Polycab India nationwide on Friday. The searches also targeted the residences and offices of the company's top management.

The company is yet to issue its clarification on the stock exchanges.

Shares of Polycab India have risen 1.52% in one month, 3.32% in three months and 102.11% in 1 year.

Polycab India is the largest manufacturer of Wires and Cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of Engineering, Procurement and Construction (EPC) projects.

The company's consolidated net profit jumped 58.81% to Rs 425.56 crore on 26.57% increase in revenue from operations to Rs 4,217.69 crore in Q2 FY24 over Q2 FY23. Revenue grew on the back of strong volume growth in wires & cables business.

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