Polycab India's stock sees 21% rout on allegations of tax evasion

Company refutes allegations; stock may underperform in near term

The stock of India’s largest cable and wireless maker, Polycab India, lost more than a fifth of its market capitalisation on Thursday.

The 21 per cent fall in the stock price took the cumulative fall over the last four trading sessions to 28 per cent.

It was the top traded stock on Thursday and about 19.5 million shares changed hands. It ended at Rs 3,877 apiece.

The sharp reaction was on account of unaccounted cash sales of Rs 1,000 crore detected by the income tax department, says a PTI report quoting the Central Board of Direct Taxes (CBDT) and official