Polycab shares rose 3% on Friday as bottom-fishers took action after a 21% drop on Thursday due to income tax raids uncovering unaccounted cash sales of around Rs 1,000 crore. The company clarified that the income tax department has not named Polycab and there has been no written communication regarding the outcome of the raids. HNIs and institutional investors have sold Polycab shares. Axis Capital reduced the target price due to uncertainties after the raid and expects a multiple derating until the charges are proven otherwise.
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