Shree Cement accused of tax evasion of 23000 crores and the company lost 9200 crores

Giving clarification on the Income Tax survey in its press release, the cement company 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 incorrect.

Shree Cement, one of the country's biggest cement companies, has been accused of tax evasion of Rs 23,000 crore. Because of which the shares of the company fell by 10 percent on Monday and about Rs 9200 crores were lost from the market cap of the company. During the trading session, the company's stock came down from the level of Rs 25 thousand to the level of Rs 22 thousand. At present, the company's stock is trading at the level of Rs 23 thousand. The Income Tax Department had started the process of surveying five locations of the cement maker last week. 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.

Company gave clarification

Giving clarification on the Income Tax survey in its press release, the cement company 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 incorrect. The company said in a statement that we have found that a lot of negative information about the company and its officials is going on in some 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 on BSE, down about 8 per cent. By the way, last year the company's stock saw an increase of 22 percent. On February 21, the company's stock crossed the level of Rs 27,000. If we talk about today, during the trading session, the company's stock reached the day's low with 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. When the stock market closed on Friday, the company's market cap on BSE was Rs 90,724.49 crore, which during today's trading session reached Rs 22601.30 and then decreased to Rs 81,547.17 crore. This means that the company suffered a loss of about Rs 92 crore in just a few hours of business.