Polycab slips 5% amid reports of I-T raids at 50 office locations pan-India

Shares of Polycab India slipped 5 per cent to Rs 5,365 on the BSE in Friday's intraday trade, on the back of heavy volume, on report that the Income Tax (I-T) teams are conducting searches at over 50 locations of the company across India.

The BSE said the Exchange has sought clarification from Polycab India with reference to news. The reply is awaited.

According to reports, the investigation wing of the Income Tax Department conducted searches at nearly 50 locations linked to Polycab India in Mumbai on Friday. The residences and offices of the top management linked to the firm were also being raided, the report added.

At 12:51 PM, Polycab was trading 4 per cent lower at Rs 5,379, as compared to 0.42 per cent decline in the S&P BSE Sensex. Trading volumes on the counter more-than-doubled today with a combined nearly 1.3 million equity shares of Polycab having changed hands on the NSE and BSE.

The stock had hit a record high of Rs 5,722.90 on December 14. Thus far in calendar year 2023, the market price of Polycab has more-than-doubled, zooming 109 per cent. It has zoomed nearly 11 times against its issue price of Rs 538 per share. The company had debuted on April 16, 2019.

Polycab manufactures and sells cables & wires (C&W), and fast moving electric goods (FMEG) products. It also executes limited engineering, procurement, and construction projects. It has 25 manufacturing facilities across Gujarat, Maharashtra, Uttarakhand, Tamil Nadu and Daman.