Hero MotoCorp shares dip 4 per cent on reports of I-T searches

The scrip dipped to a low of ₹2328.85 in the early morning trade, which is 3.81 per cent lower from its previous day’s close.

Share price of the country’s largest two-wheeler maker Hero MotoCorp slumped by nearly 4 per cent on Wednesday after the Income Tax Department raided several premises linked to the senior management of the company, including its chairman and MD Pawan Munjal, over alleged tax evasion.Trading in Hero MotoCorp Ltd share started on a positive note at ₹2433.05 against its previous day’s close at ₹2421.30.However, the stock fell sharply after the report of the I-T raids emerged. The scrip dipped to a low of ₹2328.85 in the early morning trade, which is 3.81 per cent lower from its previous day’s close.Read more: Hero Motocorp boss Pawan Munjal’s office, residence under income tax raidsThe scrip pared part of the losses later in the day. At 13.12 pm, it was trading 1.62 per cent down at ₹2382.10.According to official sources, the Income Tax Department started searches at several locations in Delhi, Gurugram and in other parts of North India linked to top management of the two-wheeler giant on Wednesday morning. The searches are underway and may continue till Thursday. 

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