The Income Tax Department on Wednesday launched raids on premises of Hero MotoCorp, its chairman and CEO Pawan Munjal and other executives. Hero MotoCorp is the country's largest two-wheeler company.
Offices and residential premises in Gurgaon, Delhi and other locations were being searched in connection with a tax evasion probe. Live Mint reported 25 premises of Hero MotoCorp were being searched. NDTV reported the “search and seizure action” was connected to suspicion of tax evasion.
Financial Express reported the raids began at 7am.
Following the news of the I-T raids, shares of Hero MotoCorp were trading down one per cent at the Bombay Stock Exchange.
“Hero MotoCorp... reported a significant 29 per cent fall in total wholesales in February. The automobile company sold 3,58,254 units as against 5,05,467 units in the corresponding period of last year,” NDTV had reported.
