Shree Cement Share Fall: After serious allegations of tax evasion on top cement maker Shree Cement (Shree Cement Tax Evasion), the share of this company fell 10 per cent to Rs 100 today. reached 22,605. According to a news report, the company has committed tax evasion of Rs 1200 to 1400 crores every year. Till now it is considered one of the biggest tax evasion, causing huge revenue loss to the central government. Mr. Cement has evaded tax by showing some fake agreements. At the time of writing, Shree Cement shares fell 7.52 per cent to Rs. Was running on 23,250. The stock hit a 52-week high of Rs. 27,049 while the fifty two week low is Rs. is 18815
Against Shree Cement Rs. Tax evasion of Rs 23,000 crore has been alleged. Due to this, the stock fell 10.11 per cent to Rs 15.55. reached 22,601. When Mr. Cement’s offices at Bevar, Jaipur, Chittorgarh and Ajmer were raided, evidence of tax evasion of Rs 23,000 crore was found there.
Allegations on Shree Cement
Cement manufacturer Shree Cement is accused of obtaining concessions from the government by showing fake agreements and causing damage to the central exchequer. The deductions claimed by the company were bogus and tax officials found tampered documents. In this regard Shree Cement has also given clarification to the stock exchange.
Shree Cement explained
Shree Cement has said in the clarification given to the stock exchanges that the survey work is still going on there. The entire management team of the company is available for this and is providing all kind of cooperation to the officers. Any information running in the media is wrong and that information has been published without taking details from us.
According to Trendline data, the average target price of Shree Cement shares is Rs. 23,765, which means the price of this stock can increase by three percent from the current level. A total of 38 analysts have a Sell rating on the stock. The RSI of this stock is 45.3. When the RSI is below 30 it is said to be oversold and when it is above 70 it is considered overbought. The MACD of the stock is currently at 287.1 which is above the centerline.
The company said in a press release on June 24 that a lot of negative information has been received about our company. This information is spread in a certain section of the media. We would like to inform that the survey is still ongoing. The Income Tax Department has been probing Shree Cement at five locations since last week.
