Shree Cement has Rs. 23,000 crore tax evasion report, shares tumble 10 percent

- One of the biggest tax evasion cases in the history of India

- Tax evasion unearthed in massive search operation in Rajasthan's Bewar, Jaipur, Chittorgarh and Ajmer: Report

Ahmedabad: Speculations of tax evasion of thousands of crores in Shree Cement, a giant of the cement sector, have been rife since the end of last week. The new week of alleged rigging at Shree Cement was also reflected in the company's shares. Heavy selling pressure was seen in the stock in Monday's session. Shares of BSE Shree Cement fell more than 10 percent intra-day to Rs. 22,601.30 was reached. However, at the end of the day, the share of Shree Cement decreased by 5.89 percent to Rs. It has closed at 23,664.90.

Media reports claimed that Mr. Cement's offices were raided by the tax department. A large-scale search operation was conducted in Rajasthan's Bewar, Jaipur, Chittorgarh and Ajmer. Tax evasion of Rs 23,000 crore has been revealed in this raid. This figure is considered to be one of the biggest tax evasion in history. Sources in the media report have claimed that the company is making Rs. 1200-1400 crores in tax evasion, causing huge revenue loss to central and state government exchequer. The company is believed to have carried out the scam through forged contracts.

Shares of Shree Cement fell sharply as reports of tax evasion flooded the market. However, the company immediately clarified this through an exchange filing and tried to restore confidence among investors. The company says that the survey is still ongoing. The entire management team of the company is present and is fully cooperating with the tax authorities in the investigation. The company says that any such news is not true and has been published without talking to the company.