Investors scared of income tax notice of Rs 4000 crore, shares of cement company crashed.

HR Mandi Bhav Shree Cement Share Price: A big fall was seen in the shares of leading cement manufacturing company Shree Cement Limited on Friday. The company's shares closed at Rs 28335 on Thursday. At the end of the trading session on Friday, the share fell by about 5 percent to Rs 27022. 

The reason for the huge fall in the shares is believed to be the notice of Rs 4000 crore received by the company from the Income Tax Department. After the news of receiving the notice came in the media, a period of selling started in the shares. During this period the share fell by Rs 1313.

There was a huge fall in the shares of Shree Cement on Friday after the Income Tax Department issued a tax notice of Rs 4,000 crore against the company. At one point during the trading session on Friday, this share fell to Rs 26954. Income Tax officials had surveyed the company's premises in June last year, at that time also the shares of the company had fallen to the lowest level.

Deductions were wrongly claimed

The tax notice is said to be a sequel to a tax survey of the company's premises in Rajasthan which reportedly found that some deductions on waste water management and power facilities were wrongly claimed by the company. On behalf of Shree Cement, the allegations have been described as imaginary and false. 

The company this week announced a revamp of its corporate brand identity with 'Bangur' as part of its marketing campaign aimed at creating a stronger connect with customers.

Condition of the share: The

share closed at Rs 27022 on Friday with a fall of about 5 percent, its 52-week high level is Rs 29,249. The low level of the share is Rs 21,433. During the trading session, the share touched a high level of Rs 28395 and a low level of Rs 26954.