Income Tax officials found unaccounted cash sales to the tune of ₹1,000 crore during the raids conducted at 50 of the company locations. Denial of WrongdoingThe company has denied any wrongdoing and asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec 2023. - Advertisement -Impact on Stock and Business GrowthPolycab had turned a multibagger last year and was added to the MSCI index, attracting international funding and fresh buying. The company has also been investing in capex and is chasing business-to-consumer business, aiming for growth and expansion. Source CreditPhoto Credit: images.livemint.com

Source: Mint January 11, 2024 15:38 UTC