ED raid: Hero Motocorp's stock off 2-year high
The Enforcement Directorate (ED) on Tuesday raided the premises of Hero Motocorp's Executive Chairman Pawan Munjal and some others in connection with a money laundering case, reported PTI, quoting officials. After reaching an over two-year high of Rs. 3,244 during early trade, the stock has reversed its gains, slumping to a low of Rs. 3,032.25 on the National Stock Exchange, reported the Economic Times.
Hero Motocorp shares fall amid raids
According to reports, the raids were conducted in Delhi and Gurugram in accordance with the provisions of the Prevention of Money Laundering Act (PMLA) following a report by the Directorate of Revenue Intelligence (DRI). The DRI had filed a complaint against a person on charges of carrying undeclared foreign currency. Munjal is allegedly close to the accused.
Centre ordered probe against company in June
In June, the Corporate Affairs Ministry ordered a probe against the company over accusations of floating shell companies. In March 2022, Hero Motocorp and Munjal's premises were raided by the Income Tax Department over alleged tax evasion. In 2018, Munjal was deplaned at New Delhi's Indira Gandhi International Airport after one Amit Bali—caught with Rs. 81L-worth foreign currency—alleged he was carrying it for Munjal.
Hero MotoCorp is world's largest two-wheeler manufacturer
In 2001, Hero MotoCorp achieved the milestone of becoming the world's largest two-wheeler manufacturer in terms of unit volume sales in a calendar year. The company has maintained this prestigious title for the past 20 consecutive years. Hero MotoCorp boasts a widespread global presence, with its operations spanning over 40 countries encompassing regions such as Asia, Africa, South America, and Central America.
