Lagatar24 Desk
New Delhi, March 23: The stock of India’s largest two-wheeler manufacturer, Hero MotoCorp, fell roughly 4% on Wednesday after the Income Tax Department raided numerous locations associated to the company’s senior management, including chairman and MD Pawan Munjal, for alleged tax fraud.
Against the previous day’s closing of 2421.30, trading in Hero MotoCorp Ltd stock began on a bullish note at 2433.05 dollars.
However, as news of the I-T raids broke, the stock plummeted. In early morning activity, the stock fell to a low of 2328.85, down 3.81 percent from the previous day’s close.
Later in the day, the stock recovered some of its losses. At 13:12 p.m., it was trading at 2382.10, down 1.62 percent.
Notably on Wednesday morning, the Income Tax Department began searching numerous locations in Delhi, Gurugram, and other regions of North India associated to the two-wheeler giant’s top management, according to government sources. The searches are continue and could last through Thursday.
