The income tax department on Friday carried out searches at nearly 50 locations across the country. According to a Mint report, residences and offices of the top management were raided by the tax sleuths.
The reasons behind the searches and nature of the probe is unclear. The Bombay Stock Exchange sought clarification from the firm over the searches.
The shares of Polycab India dropped by five per cent to the day’s low of ₹5,326. As of 3 pm, the shares were trading at ₹5399.00 a piece. The shares had opened at ₹5,638 in the early morning trade.
The stock has witnessed a surge by 109 per cent over the past year and 113 per cent in 2023. As per the report, the shares had showcased a growth of 449 per cent over a three-year-period.
On December 12, the shares of Polycab India had hit a 52-week high of ₹5,733 and soared by 129 per cent from its 52-week low of ₹2,500 that it hit on December 26 last year.
Polycab India reported a 59 per cent increase in the second quarter profit in September at ₹426 crore. The profit for September 2022 quarter had stood at ₹268 crore.
The company reported a revenue growth of 26.5 per cent to ₹4,218 crore in Q2 against ₹3,332 crore in the September 2022 quarter.
Polycab India manufactures and sells cables & wires , and FMCG products, with 25 manufacturing facilities across Gujarat, Maharashtra, Uttarakhand, Tamil Nadu and Daman.