Income tax raid no deterrent as Polycab shares rise

Polycab Share Price: Polycab shares are rising on BSE on Tuesday (December 26, 2023) despite the cable and wire company confirming on Monday that the income tax department search was under process at some of the premises/plants.

Zee Business had already reported that the income tax department was raiding some of its offices. 

The stock of the company was up by 1.20 per cent, or Rs 64.55, at Rs 5,424.95.  

"Dated 22, December 2023, please be informed that Income Tax Department search is still under process at some of the premises/plants related to the Company. The Company is fully cooperating with the authorities, providing them with all necessary information and support," Polycab said in a statement to BSE and NSE on Monday.

Once the search by the Income Tax Department concludes, the Company will update the Stock Exchanges in case of any material information/event, said the company in the statement. 

At Polycab India, we adhere to the highest standards of ethical conduct and legal compliance, the company said later.

What does Polycab do?

Polycab is India's one of leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. 

Recently, Polycab also launched a wide range of consumer electrical products like fans, switches, switchgear, LED lights and luminaries, solar inverters and pumps.