Hero MotoCorp tumbles ~4% as ED raids Chairman Pawan Munjal’s house

1 Aug 2023 , 01:39 PM

In today’s trade, Hero MotoCorp fell more than 4% after Enforcement Directorate (ED) reportedly conducted raids at Chairman Pawan Munjal’s house. The raid was carried out after the ED became aware of a Directorate of Revenue Intelligence (DRI) case.

As per reports, Pawan Munjal’s close aide was recently caught by the DRI in possession of undeclared foreign money.

At around 1.32 PM, Hero MotoCorp was trading 4.33% lower at Rs 3,065 per piece, against the previous close of Rs 3,203.70 on NSE.

In another development this year, Hero MotoCorp has come under government scrutiny, with the Ministry of Corporate Affairs (MCA) initiating an investigation into the company.

The MCA initiated the investigation after taking cognizance of an earlier examination undertaken by the Income Tax department into certain Hero MotoCorp activities.

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