Shares of Shree Cements fell over 10% to Rs 22,601 after reports suggested that the company has avoided taxes worth INR 23,000 crore. The Income Tax department launched an investigation at five locations including Beawar, Jaipur, Chittorgarh and Ajmer. In its response, the company said that all management personnel were cooperating with officials to clarify the situation and that reports in the media to the contrary were incorrect. Cement sales have increased 10% to 8.83 million tonnes in Q4 FY23 compared to the same period last year.
