As part of a money laundering probe, the enforcement directorate (ED) conducted raids on Tuesday against Hero Motocorp Executive Chairman Pawan Munjal and some others, said officials. The searches were done at premises situated in Delhi and Gurugram as per arrangements under the Prevention of Money Laundering Act (PMLA), according to the news agency PTI.
The probe comes after a Directorate of Revenue Intelligence (DRI) objection against an individual, supposedly near Pawan Munjal, who was researched on charges of conveying undeclared, unfamiliar money.
In Tuesday’s trading, Hero MotoCorp’s shares fell. The stock fell 5.34 percent to hit a low of ₹3,032.10 on the BSE. The scrip is still up 13% year-to-date.
In March last year, the Income Tax Department raided Pawan Munjal and his organisation Hero MotoCorp, as a part of a tax evasion investigation.
In terms of annual unit volume sales, Hero MotoCorp became the world’s largest manufacturer of two-wheelers in 2001 and has held that position ever since. The company has a presence across 40 nations, spreading over Asia, Africa, South America, and Central America.
More details are awaited…
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