Winning Bizness Desk

Mumbai. The Income Tax Department on Wednesday raided the premises of Hero MotoCorp Chairman and MD Pawan Munjal. Search is going on since morning at his residence and Gurgaon office. There is an allegation against Munjal that he has shown bogus expenses in his accounts. The Income Tax Department has been conducting raids since morning regarding this. It is being told that some of the suspicious expenses received by the IT team are also from inhouse companies. It is believed that this raid is going to continue even now. In addition to the house and office of Pawan Munjal, the premises related to some other big officers of the company are also being raided simultaneously.

Shares started falling

However, neither Hero MotoCorp nor the IT department has officially said anything about this yet. As soon as this news came to light, the shares of Hero MotoCorp also started falling. Hero MotoCorp's stock was trading at a profit on the BSE before the raids came to light. As soon as it became known, the stock lost all the momentum. By 10:30 am, Hero MotoCorp's stock had fallen by about 2 per cent.

Company has a great glory

Right now Pawan Munjal is handling Hero MotoCorp. Under his leadership, the company is doing business in 40 countries across Asia, Africa, South America and Central America. Hero MotoCorp has 8 manufacturing plants with global benchmarks. Of these, 6 are in India, while Colombia and Bangladesh have 1 each. Hero dominates the two wheeler market in India. This company has more than 50 percent share in the domestic motorcycle market.