Hero MotoCorp Ltd stock gains over 1% on Thursday’s market trade after the auto-industry submits clarifiying statement regarding IT raid conducted at Hero MotoCorp Chairman Pawan Munjal’s residence, office.
As per the clarification statement, the company said, “Officials from Income Tax departmentvisited two of our offices in Delhi and Gurugram and the residence of the Chairman & CEO Dr Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year.”
It further added, “We reassure all of our stakeholders that it continues to be business as usual.
“We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities,” the company added.
At around 11:34 AM, Hero MotoCorp was trading at Rs2419.80 per piece higher by 1.02% on Sensex.
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