Polycab share price experiences a significant drop of 20% following allegations of ‘unaccounted sales’ made by the Income Tax Department.

Polycab share price

Polycab share price experiences a significant drop of 20% following allegations of ‘unaccounted sales’ made by the Income Tax Department.

Polycab share price today: There was a significant decline in the Polycab share price, as the stock price reached a daily low of Rs 3930.55 on Thursday, marking a 20% decrease. This decrease in performance came to light after the Income Tax Department discovered undisclosed sales totaling Rs 1,000 crore during recent raids on the Polycab group.

Polycab share price

An undisclosed amount of cash exceeding Rs 4 crore was confiscated, and over 25 bank lockers were placed under restraint following the initiation of searches against the group on December 22 of the previous year,” as stated by the Central Board of Direct Taxes, according to ET. The operations spanned across 50 premises in different locations, such as Mumbai, Pune, Aurangabad, Nashik in Maharashtra, Daman, Halol in Gujarat, and Delhi.
The CBDT has also revealed that significant evidence, including documents and digital data, was seized during the raids, exposing the group’s methods of tax evasion in collaboration with specific authorised distributors.Polycab share price

As per CBDT claims, substantial evidence found during the search suggested that the main company was involved in undisclosed cash sales amounting to around Rs 1,000 crore, which were not properly documented in the financial records.

The stock is currently considered to be oversold, with an MFI of 27.4, while its RSI is hovering around 45. According to technical analysis, a value below 30 suggests that the condition is oversold, whereas a value above 70 is seen as overbought. The market-wide position limit (MWPL) is currently at 73%, and Trendlyne’s reported open interest has risen to 2.4 million, a 1.4% increase.Polycab share price

Polycab India, formerly known as Sind Electric Stores, has undergone several name changes since its establishment in 1964. The company finally settled on its current name in 2018.

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