Hero MotoCorp: Income Tax department raids Hero MotoCorp premises

The Income Tax Department is conducting raids on multiple premises of Hero Motorcorp as part of a tax evasion investigation against the country’s largest two-wheeler automobile manufacturer, officials said Wednesday morning.

Offices and residential premises of the promoters including chairman and CEO of the group Pawan Munjal in Gurugram, Haryana, Delhi and few other locations are being covered under the raid, they said.

A team of officials of the department are looking at financial documents and other business transactions of the company and its promoters, they said.

A response from the company is awaited.

Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.

Till date, it has sold over 100 million units across domestic and international markets.

Led by Pawan Munjal, the company has presence across 40 countries spanning Asia, Africa, and South and Central America.

The company continues to have a leading position in the domestic two-wheeler segment.

Following reports of the raid, the scrip took a sharp hit and fell around 4%.