New Delhi: Recently a piece of big news is coming out from which it is being told that the Income Tax Department on Wednesday raided the premises of Hero MotoCorp Chairman and Managing Director Pawan Munjal. Along with this, it is being said that search is going on at his residence and office in Gurgaon since morning.
There is an allegation against Munjal that he has shown bogus expenses in his accounts. In this regard, the Income Tax Department has been conducting raids since morning. It is being said that some of the suspicious expenses received by the Income Tax Department team are also from in-house companies. It is also being said that this raid is going to continue even now.
However, neither Hero MotoCorp nor the Income Tax Department has given anything official about this yet. As soon as this information came to the fore, the shares of Hero MotoCorp also started falling. Hero MotoCorp's stock was trading profitably on the BSE before the raids came to light. As soon as this news broke, the stock lost all its momentum. By 10:30 am, Hero MotoCorp's stock had fallen by almost 2 per cent.
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