Polycab India Ltd shares plummeted 9% on 9 January after the reports surrounding Rs 200 crore tax evasion hit the street.

According to a media outlet, the income tax department has detected Rs 250-300 crore of transactions booked in the company’s promoter accounts; however, the company have denied all allegations.

On 22 December, the income tax department conducted raids across 50 locations of Polycab. Following the raids, there was no communication from the income tax department on the outcome of the search done in December.

The company has 3 manufacturing facilities, 15 offices and more than 25 warehouses across India, and is in the business of manufacturing cables and wires along with FMEG (Fast Moving Electrical Goods).

In its quarterly report for July-September, the company reported a 58.5% year-on-year growth in its consolidated net profit to Rs 436.89 crore during the quarter.

In six months, the shares of the company have given a return of over 37% and a return of over 81% in a period of one year.

At 3:30 pm, the shares of Polycab closed 8.78% lower at Rs 4,874.95 on NSE.