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

Shares of electrical equipment manufacturer Polycab tanked 20% to the day’s low of Rs 3,801 in Thursday’s trade after the Income Tax department detected “unaccounted cash sales” of about Rs 1,000 crore after it recently raided the Polycab group.

“Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year,” the Central Board of Direct Taxes (CBDT) said in a statement, according to a PTI report.