New Delhi: The Income Tax Department has conducted raids at the Hero MotoCorp Chairman and Managing Director Pawan Munjal’s residence and office. Searches are underway at his residence and office in Gurgaon since morning. I-T department officials are also conducting searches at premises linked to other top officials of the company.
Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search. More details awaited: Sources
— ANI (@ANI) March 23, 2022
The raids come following the income tax department’s recent searches at 45 premises across Delhi-NCR, Chandigarh, Ludhiana, Lucknow, and Indore of a leading real estate firm in North India which led to the seizure of unaccounted cash of more than ₹25 crore and jewellery worth ₹5 crore.
Hero MotoCorp is led by Pawan Munjal and has expanded its presence to 40 countries in Asia, Africa, South America and Central America. Hero MotoCorp has 8 globally benchmarked manufacturing facilities – 6 in India and 1 each in Colombia and Bangladesh.
Hero MotoCorp share price slips 4% on news of I-T search operations
Hero MotoCorp share price slipped 4 percent intraday on March 23 after the Income Tax (I-T) department conducted search operations at the company’s 25 premises.
At 10:37am, Hero MotoCorp was quoting at Rs 2,384.20, down Rs 37.10, or 1.53 percent, on the BSE.
The share touched a 52-week high of Rs 3,141.55 and a 52-week low of Rs 2,148.00 on March 22, 2021 and March 8, 2022, respectively. It is trading 24.11 percent below its 52-week high and 11 percent above its 52-week low.
Domestic sales were also down 31.57 per cent at 3,31,462 units last month compared to 4,84,433 units in February 2021.
Motorcycle sales last month stood at 3,38,454 units compared to 4,63,723 units in same month last year.