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Stock Market Live Updates: Sensex gains 350 pts, Nifty above 21,700 in early trade; IT sector in focus

Stock Market Live Updates: Sensex gains 350 pts, Nifty above 21,700 in early trade; IT sector in focus
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Polycab faces investor scepticism after income-tax findings; analysts unconvinced

Polycab faces investor scepticism after income-tax findings; analysts unconvinced
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Polycab Share Price: Polycab plunges 20% as I-T dept detects unaccounted sales of Rs 1,000 crore during raids, ET Telecom

Polycab Share Price: Shares of electrical equipment manufacturer Polycab tanked 20% to the day s low of Rs 3,801 on Thursday after the Income Tax department detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group. A total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were reported to have been covered in the raids.

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Polycab share price: Polycab plunges 20% as I-T dept detects unaccounted sales of Rs 1,000 crore during raids

Shares of Polycab, an electrical equipment manufacturer, plunged 20% after the Income Tax department uncovered unaccounted cash sales of about Rs 1,000 crore during a recent raid on the Polycab group. The CBDT revealed that the group, in collusion with authorized distributors, evaded taxes through unrecorded cash sales. Polycab India denied the allegations, asserting its commitment to compliance and transparency.

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F&O counter Polycab plunges 7%, trades below 50-day moving average Here s why

In its December 30, 2023 filing, Polycab had informed exchanges about IT officials concluding their search operations on the day. The searches started on December 22 and were carried out on December 25th, 26th and 30th.

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