Shares of Shree Cements fell 2% in early trade on July 20 after the company received an inspection notice from the Ministry of Corporate Affairs (MCA). The notice was filed weeks after the company was reportedly under the radar of the Income Tax Department for the allegations of tax evasion.

In June end, multiple offices of Shree Cements underwent search operations that revealed the company evaded taxes to the tune of Rs 23,000 crore, which is the biggest in history.

The search occurred at Shree Cements offices in Jaipur, Ajmer, Rajasthan’s Beawar, and Chittorgarh.

Following the news, shares of Shree Cements crashed by 10% on the trading session of June 26, marking it the steepest intraday sell-off in the last three years.

Shree Cements also said, “We are extending full cooperation with the Income Tax Department for the ongoing survey. The survey is yet to conclude, and we dismiss the speculative reports about tax evasion.”.

The investors are still unconvinced by the cement manufacturer’s statement as the stock is still down by nearly 8% for the past month.

At 10:20 am, the shares were trading at Rs 23,486.10 or 2.26% below its previous close on NSE.