Shree Cement accused of tax evasion of 23000 crores

Shree Cement, one of the largest cement companies in the country, has been accused of tax evasion of Rs 23,000 crore. Due to which the company’s shares fell by 10 percent on Monday and the company’s market cap suffered a loss of about Rs 9200 crore. During the trading session, the company’s stock fell below the level of Rs 25 thousand to the level of Rs 22 thousand. Presently the stock of the company is trading at the level of Rs. Last week, the Income Tax Department started the process of survey at five locations of the cement manufacturing company. The raids took place at the company’s bases in Beawar, Jaipur, Chittorgarh and Ajmer. In the last two trading days, the company’s shares have seen a decline of more than 12 percent.
The company clarified
In its press release, the cement company clarified on the income tax survey and said that the entire management team of the company is giving full cooperation to the authorities and any information being circulated in the media is wrong. The company said in a statement that it has come to its notice that a lot of negative information is circulating about the company and its executives in certain sections of the media in relation to the above survey. We would like to clarify that the survey is still ongoing.
fall in company shares
At 11:57 am, the company’s stock was trading at Rs 23,150, down nearly 8 per cent on the BSE. By the way, the company’s stock had seen a rise of 22 per cent last year. On February 21, the company’s stock crossed the Rs 27,000 mark. If we talk about today, during the trading session the company’s stock reached the day’s low of Rs 22601.30 and closed at Rs 25,144.85 on the last trading day on Friday.
Clear market cap of Rs 9200 crore
Due to the fall in the company’s shares, the company’s market has seen a big decline during the trading session. The market cap of the company was Rs 90,724.49 crore on BSE when the stock market closed on Friday, which rose to Rs 22601.30 during today’s trading session and then declined to Rs 81,547.17 crore. This means that in just a few hours of business, the company suffered a loss of about Rs 92 crore.