Polycab India shares jump after cable and wire manufacturer denies tax evasion reports

Polycab India Share Price: Polycab India shares rose in morning deals on Wednesday (January 10, 2024) after the cables and wires manufacturer denied reports that suggested that the firm was involved in tax evasion. The stock of the company was up by Rs 54.15, or 1.11 per cent, at Rs 4,921.7 apiece on BSE at 10:28 am, having risen as much as 3.5 per cent earlier in the day. 

In a statement post-market hours on Tuesday, Polycab India said it "denies any rumours of tax evasion by the Company circulating in media". It also said it had not received any information from the Income Tax Department regarding the results of the search.

Earlier that day, Zee Business had reported, citing sources, that Polycab India was involved in two types of tax evasions after the Income Tax Department searched the company's premises and plants on December 22. 

"The Company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec ’23. The Company has not received any communication from the Income-tax department regarding the outcome of the search," Polycab India further said in its statement.

"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," it added.

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