New Delhi: Shares of Hero MotoCorp fell greater than 1.5 per cent on Wednesday after the Income Tax (I-T) division started searches on the firm’s premises. The tax division additionally raided Hero MotoCorp Chairman Pawan Munjal and different senior executives of the corporate for suspected tax evasion.
Offices and residential premises of Mr Munjal in Gurugram, Haryana, Delhi and some different areas are being coated, sources within the Income Tax division stated.
As of 1:04 pm, the inventory was down 1.75 per cent at Rs 2,378.95 on the BSE index. It touched an intraday low of Rs 2,328.85, 3.81 per cent decrease from its earlier day’s shut of Rs 2,421.30.
On NSE, Hero MotoCorp was buying and selling 1.79 per cent decrease at Rs 2,380.25.
The firm has not issued any official remark but.
The car maker has reported a big 29 per cent drop in complete wholesales in February. It offered 3,58,254 models towards 5,05,467 models within the corresponding interval of final yr, based on an organization assertion.
Meanwhile, the home inventory indices turned weak in afternoon offers after a robust begin, dragged by auto and monetary shares.