On June 24, Shree Cement informed investors that the study being carried out by the IT department is still ongoing and that business management is offering full cooperation.
After news reports revealed that the company is accused of tax cheating and tax searches were carried out by the Income Tax Department at various locations, shares of Shree Cement Ltd. fell over 11% in the morning trades on the BSE. For the sixth session in a row, the price of Shree Cement shares was declining. On June 24, the business informed investors that the IT department’s assessment is still ongoing and that management is offering full cooperation.
“In connection with the aforementioned study, we have learned that there is a lot of unfavourable material going around in some areas of the media regarding the company and its officials. To be clear, the survey is still being conducted. The company’s complete management staff is available and giving the officials their full cooperation. Any other information being reported in the media is false and was released without first getting approval from the company, according to the regulatory filing.
