Share prices of Shree Cement fell over 5% on Friday after media reports surfaced claiming that the Income Tax (IT) department has slapped a Rs 4,000 crore or US$ 481 million tax fine on the company. 

Shree Cement’s shares hit an intraday low of Rs 26,931.35, down 5% from its previous closing price on the National Stock Exchange (NSE). The stock closed 4.89% lower at Rs 26,970.00. 

According to reports, the IT department did raids on the company’s premises in Beawar, Jaipur, Chittorgarh, and Ajmer in June 2023, which highlighted Rs 8,500 crore wrongful claims and deductions from April 2014 to March 2023. 

Following the survey, the department reportedly levied a Rs 4,000 crore fine on Shree Cement. No official statements have been released by either Shree Cement or the Income Tax Department. 

Earlier this week, Shree Cement announced a revamp of its corporate brand identity and launched multiple brand offerings, with ‘Bangur’ as the master brand. Further, cutting-edge enhancements have been introduced across the product range.