Hero MotoCorp skids on buzz of I-T dept raids

23 Mar 2022 , 02:32 PM

According to the media report, search operations are currently underway at about 25 premises of Hero MotoCorp, including at offices and residences of senior management in Delhi, Gurgaon and other parts of North India.

The searches, which began at 7:00 IST today, are also covering Hero MotoCorp chairman and MD Pawan Munjals office and residence. The raids are part of a tax evasion investigation and a team of officials of the department are looking at financial documents and other business transactions of the company and the promoters, the reports added.

Hero MotoCorp is the worlds largest manufacturer of motorcycles and scooters. On a consolidated basis, its net profit declined 30.95% to Rs 703.74 crore on 18.46% fall in net sales to Rs 8,013.08 crore in Q3 FY22 over Q3 FY21.

The stock hit a 52-week low of Rs 2,148 on 8 March 2022.

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