Shree Cement's share price fall 11% in early trade; here's why

Shares of Shree Cement Ltd. slipped over 11 per cent in the morning deals on BSE after news reports suggested that the company is accused of tax evasion and tax searches were conducted by the Income Tax Department at multiple locations. Shree Cement stock was trading in the red for the sixth consecutive session. The company on June 24 informed investors that the survey conducted by the IT department is ongoing and the company's management is extending full cooperation.

“We have gathered that a lot of negative information about the company and its officials is floating in certain sections of the media in connection with the above survey. We would like to clarify that the survey is still going on. The entire management team of the company is available and extending full cooperation to the officials. Any information circulating in the media otherwise is incorrect and has been published without seeking prior inputs from the company,” the regulatory filing read.

At closing on Monday, the stock traded at Rs 23,740 apiece, down 5.59 per cent on NSE. The stock lost over 8 per cent in six consecutive trading sessions. The stock made 52 weeks low on June 23, 2023. 

Shree Cement share price history

In 2023 so far, the stock has climbed over 1 per cent against the headline Nifty50's rise of over 2 per cent. 

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