New Delhi: The Income Tax Department has conducted raids t multiple premises of Hero Motocorp at Gurugram office and residence of Hero MotoCorp Chairman and Managing Director Pawan Munjal. The raids have been on since early morning.
Hero MotoCorp, the two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.
According to sources, the searches are being conducted bi Income Tax department at Hero MotoCorp Chairman Pawan Munjal premises and several other locations. Also, several senior executives are also being searched.
The search operation is being conducted on suspicion of tax evasion.
Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search. More details awaited: Sources
— ANI (@ANI) March 23, 2022
Soon after the news of the IT raid, the shares of Hero MotoCorp were trading down over 1 percent on the BSE.
Here is how social media users reacted:
Hero MotoCorp MD Pawan Munjal’s office, residence raided by I-T Dept pic.twitter.com/GeftknFzlI
— Nitish Shekhawat (@nitishshekhawa1) March 23, 2022
Hero MotoCorp in focus
Income Tax Department conducts searches at offices and residences of senior management including Chairman Pawan Munjal: Sources #HeroMotoCorp #StockMarket #Nifty #Nse pic.twitter.com/J9vYLzpjF7
— Stock INFOMANIA (@stock_infomania) March 23, 2022
I-T dept conducts search at Hero MotoCorp Chairman Pawan Munjal’s residence, office – https://t.co/MitxyvNhog pic.twitter.com/qprraIRTh8
— The Madras Tribune (@MadrasTribune) March 23, 2022
#IndiaPavilion is one of the top pavilions here at @expo2020dubai. My compliments to Minister @PiyushGoyal and the entire team: Dr Pawan Munjal, Chairman & CEO, @HeroMotoCorp.#IndiaAtDubaiExpo #Expo2020Dubai pic.twitter.com/5uDNPb0Q56
— India at Expo 2020 (@IndiaExpo2020) March 17, 2022
