Shree Cement slumps on reports saying I-T Dept slapping Rs 4,000-cr tax order

Earlier this week, Shree Cement announced a revamp of its corporate brand identity and launched multiple brand offerings, with ‘Bangur’ as the master brand.

Shares of Shree Cement saw heavy selling on January 5 after media reports said that the income tax department has slapped a Rs 4,000-crore tax order on the company. Sources told CNBC TV-18 that the I-T department claims Rs 4,000 crore from Shree Cement for wrongful claims and deductions. The company termed the allegations speculative and devoid of merit.

The tax sleuths did a survey on the company in June 2023. The survey report highlights Rs 8,500 crore wrongful claims from Apr ’14-Mar ‘23.

Shree Cement, as of 1 pm, traded down 4.4 percent at Rs 27,088 on BSE.

Earlier this week, Shree Cement announced a revamp of its corporate brand identity and launched multiple brand offerings, with ‘Bangur’ as the master brand.

“The launch of ‘Bangur’ as the master brand is in sync with our strategy of assessing and responding to evolving customer sentiments and growing aspirations. The intent is to position ‘Bangur’ as the company’s umbrella brand, with a refreshed and discernible brand identity. Through this makeover, we aim to connect better with our customers, providing them unique experiences with differentiated products,” said Neeraj Akhoury, Managing Director of Shree Cement.

The cement maker said with the launch, cutting-edge enhancements have been introduced across the product range while a premium offering Bangur Magna was also being introduced.