HeroMotoCorp’s share price slipped 4 percent intraday on March 23 after the Income Tax (I-T) department conducted search operations at the company’s 25 premises.
The department is conducting the search operations at the offices and residences of Hero MotoCorp senior management in Delhi, Gururgram and in other parts of North India, CNBC-TV18 reported, quoting sources.
Hero MotoCorp CMD Pawan Munjal’s office and residence too have gone under the I-T search operations.
At 10:37 am, Hero MotoCorp was quoting at Rs 2,384.20, down Rs 37.10, or 1.53 percent, on the BSE.
The share touched a 52-week high of Rs 3,141.55 and a 52-week low of Rs 2,148.00 on March 22, 2021, and March 8, 2022, respectively. It is trading 24.11 percent below its 52-week high and 11 percent above its 52-week low.