Polycab Shares Down 20% In A Day After ₹1,000 Crore Discrepancy Found

The Income Tax department conducted a raid on Polycab, a leading Indian electrical products company, and reportedly unearthed evidence of financial misconduct involving Rs 1,000 crore (approximately $133 million) in unaccounted sales. This suggests that Polycab may have been underreporting its revenue and potentially evading taxes.

The specifics of the alleged misconduct are still under investigation, but the size of the amount involved has raised concerns about the company's financial practices and corporate governance. The raid is likely to have a significant impact on Polycab's share price and reputation, and it could potentially lead to legal repercussions for the company and its officials.

Here are some key points tabout the news:

• The Income Tax department believes Polycab has not declared Rs 1,000 crore in sales.
• This could lead to tax evasion charges against the company.
• The raid is likely to damage Polycab's share price and reputation.
• The investigation is ongoing and further details may emerge in the coming days.