Polycab January 11 crash costs MFs Rs 940 crore, FIIs Rs 1,885 crore

In the last nine sessions, mutual funds lost around Rs 1,460 crore and foreign investors around Rs 2,936 crore following the steep fall in the stock price

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Mutual funds lost over Rs 940 crore and foreign investors Rs 1,885 crore on January 11 as the Polycab India Ltd share crashed over 21 percent after the income-tax department said it unearthed “unaccounted cash sales” of about Rs 1,000 crore during a search of the company’s offices the previous day.

In the last nine sessions, mutual funds have lost around Rs 1,460 crore and foreign investors around Rs 2,936 crore as the stock declined 29.1 percent during the period following corporate governance and income-tax issues.

Mutual funds held around 90.93 lakh shares, or 6.06 percent, stake in Polycab India, the September quarter shareholding data shows. Foreign Institutional Investors (FIIs) held around 1.82 crore shares, or 12.13 percent stake, in the firm.

According to latest bulk deal data,  foreign investor Smallcap World Fund sold 8.51 lakh shares or 0.57 percent stake in the company at Rs 3,599.87 apiece. The total value of the transaction comes at Rs 336.64 crore.

Polycab made undisclosed cash sales of around Rs 1,000 crore and it found credible evidence found during searches, the Central Board of Direct Taxes (CBDT) said on January 11.

The revelation is expected to impact the stock in the medium term, leading to a de-rating on valuations that expanded to 37x in 2023. Nuvama Institutional Equities said a below 14-15 percent revenue growth in the third quarter may trigger further negativity. The company will share its third quarter results next week.

The brokerage also warned that the development puts valuations of the entire cables and wires sector at risk, as the market may fear similar practices among other players in the near term.

On January 11, the stock closed at RS 3,904.70 on the National Stock Exchange, down 20.5 percent from the previous close.

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