Shree Cement shares fall over 10 percent on Monday after the tax evasion amounting to Rs 23,000 crore was found at multiple company locations.
Last week, the Income Tax Department conducted a survey action at five locations of the company's bases in Beawar, Jaipur, Chittorgarh, and Ajmer.
In its press release, the cement company provided clarification regarding the income tax surveys. The company stated that its entire management team is fully cooperating with the officials, emphasizing that any information circulating in the media suggesting otherwise is incorrect.
On Monday, the company's shares experienced a significant decline, opening 10% lower at 22,630.75 rupees. This marked their most substantial intraday drop in over three years.
Shree Cement Ltd Shares
The shares of Shree Cement on Monday at 2:31 pm IST were at Rs 23,545.40, down by 6.36 percent.
