Hero MotoCorp shares dip 4 per cent on reports of I-T searches

New Delhi: Share price of the country’s largest two-wheeler maker Hero MotoCorp slumped by nearly 4 per cent on Wednesday after the Income Tax Department raided several premises linked to the senior management of the company, including its chairman and MD Pawan Munjal, over alleged tax evasion.

Trading in Hero MotoCorp Ltd share started on a positive note at Rs 2433.05 against its previous day’s close at Rs 2421.30.
However, the stock fell sharply after the report of the I-T raids emerged. The scrip dipped to a low of Rs 2328.85 in the early morning trade, which is 3.81 per cent lower from its previous day’s close.

The scrip pared part of the losses later in the day. At 13.12 pm, it was trading 1.62 per cent down at Rs 2382.10.

According to official sources, the Income Tax Department started searches at several locations in Delhi, Gurugram and in other parts of North India linked to top management of the two-wheeler giant on Wednesday morning. The searches are underway and may continue till Thursday.