India's Shree Cement fell on Monday, after NDTV reported on Saturday that tax evasion amounting to 230 billion rupees ($2.81 billion) was found in searches at multiple company locations.
fell on Monday, after NDTV reported on Saturday that tax evasion amounting to 230 billion rupees was found in searches at multiple company locations.
The income tax department was conducting a survey action at five locations of the company in the north-western state of Rajasthan last week, according to reports. Shares of the company opened 10% lower at 22,630.75 rupees, their steepest intraday drop in over three years, and were last down around 8.1% at 9:56 am IST.The company said on Saturday that the survey was still ongoing, and that its management team is extending full co-operation to officials.Reporting by Varun Vyas in Bengaluru; Editing by Varun H K
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