MotoCorp Hero Shares Decline Over 1.5% After Income Tax Raid

Hero MotoCorp has reported a significant drop of 29 percent in wholesale volumes in February.

New Delhi: Shares of Hero MotoCorp fell more than 1.5 percent on Wednesday after the Income Tax (IT) department began a search at the company’s premises. The tax department also raided MotoCorp Hero Chairman Pawan Munjal and other senior executives of the company on suspicion of tax evasion.

Mr Munjal’s offices and residential premises in Gurugram, Haryana, Delhi and several other locations are being covered, said a source in the Income Tax department.

As of 1:04 pm, the stock was down 1.75 per cent at Rs 2,378.95 on the BSE index. It hit a daily low of Rs 2,328.85, 3.81 per cent lower than the previous day’s close of Rs 2,421.30.

On the NSE, Hero MotoCorp traded 1.79 per cent lower at Rs 2,380.25.

The company has not issued any official comments yet.

Carmakers reported a significant 29 percent drop in wholesale volumes in February. It sold 3,58,254 units compared to 5,05,467 units in the same period last year, according to a company statement.

Meanwhile, the domestic stock index turned weaker in afternoon trading after a strong start, dragged down by auto and finance stocks.


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