Shree Cement denies any tax evasion news reports to CNBC-TV18, says Income Tax survey ongoing

Before Monday's response, the company had put out a response to the exchanges on Saturday night, saying that there has been a lot of negative information floating around in the media concerning the Income Tax survey and that the survey is still ongoing. The company further said that any other information published is incorrect.

The company, on Friday had confirmed CNBC-TV18's newsbreak that the Income Tax survey had been conducted at its premises and that it is extending full cooperation to the authorities.

At current levels, this is the biggest single-day drop for Shree Cement in over three years. The share price drop has wiped out up to Rs 9,100 crore of the company's market capitalisation.

Out of the 45 analysts that track Shree Cement, 10 have a buy rating on the stock, while 19 have a hold. 16 other analysts recommend investors to sell the stock. Based on the 12-month Bloomberg consensus, the stock has a return potential of 3.3 percent.

Shares of Shree Cement are currently trading 5.3 percent lower at Rs 23,814.90. The stock is down for the sixth day in a row and has declined in seven out of the last eight trading sessions. Shares have also turned negative for the year.