'Haven't received any written communication from I-T Dept,' says Polycab amid 20% stock plunge over Rs 1,000-cr unaccounted sales
There is no material adverse impact on the financial position of the company, says Polycab
- Jan 11, 2024,
- Updated Jan 11, 2024 9:30 PM IST
Wire and cable maker Polycab India Ltd on Thursday said it hasn't received any written communication from Income Tax Department after a search revealed unaccounted sales worth Rs 1,000 crore.
As a result, the company's stock plunged a whopping 20% on Thursday, its six-month low. Polycab's scrip closed trading 20.5% lower at Rs 3,904.7.
In a stock exchange filing, the company confirmed I-T Department conducting a search from December 22-30, 2023 and said it "has not received any written communication from the IT Department regarding the outcome of the search".
"Income Tax Department officials had initiated a search proceeding at some of the premises / plants of the Company from December 22, 2023, to December 30, 2023. The Company has fully cooperated with the officials of IT Department during the Search Proceedings and responded to the clarifications and details sought by them," said Polycab.
"The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search. As indicated above, the Company has made intimation from time to time in relation to the said search proceeding. While the post search proceedings will take its own course, the Company will continue to fully cooperate with the IT Department in this regard," said Polycab in a statement.
The company reported revenue of Rs 4,218 crore in the September quarter, up 27% over the previous year and almost double its first reported revenue in the quarter ended March 31, 2019, following its listing.
"There is no material adverse impact on the financial position of the Company," Polycab added.
Wire and cable maker Polycab India Ltd on Thursday said it hasn't received any written communication from Income Tax Department after a search revealed unaccounted sales worth Rs 1,000 crore.
As a result, the company's stock plunged a whopping 20% on Thursday, its six-month low. Polycab's scrip closed trading 20.5% lower at Rs 3,904.7.
In a stock exchange filing, the company confirmed I-T Department conducting a search from December 22-30, 2023 and said it "has not received any written communication from the IT Department regarding the outcome of the search".
"Income Tax Department officials had initiated a search proceeding at some of the premises / plants of the Company from December 22, 2023, to December 30, 2023. The Company has fully cooperated with the officials of IT Department during the Search Proceedings and responded to the clarifications and details sought by them," said Polycab.
"The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search. As indicated above, the Company has made intimation from time to time in relation to the said search proceeding. While the post search proceedings will take its own course, the Company will continue to fully cooperate with the IT Department in this regard," said Polycab in a statement.
The company reported revenue of Rs 4,218 crore in the September quarter, up 27% over the previous year and almost double its first reported revenue in the quarter ended March 31, 2019, following its listing.
"There is no material adverse impact on the financial position of the Company," Polycab added.