Hero MotoCorp Shares Crash Over Reports Of Raids At Chairman's House

Shares of HeroMoto Corp were crashing on Tuesday after media reports stated that the Enforcement Directorate was raiding the company’s chairman Pawan Munjal‘s residence.

What Happened: As per a CNBC TV18 report, the raids are been conducting in relation to a money laundering case. The report further adds that a case has been registered against Munjal under the Prevention of Money Laundering Act (PMLA).

Recently, the Directorate of Revenue Intelligence arrested a key associate of Pawan Munjal, who was found in possession of undisclosed foreign currency.

Back in March, the income tax (I-T) authorities conducted a thorough search at Hero MotoCorp’s offices and Pawan Munjal’s residence. The raid extended to various locations situated in Gurugram, Haryana, Delhi, and a few other places.

At the time of writing, Benzinga India’s mail seeking official comment from the company was not answered.

Price Action: Hero MotoCorp’s share price was down 4.33% to trade at ₹3,065.95 on Tuesday afternoon.

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Posted In: GovernmentMoversTrading IdeasHero MotocorpPawan Munjal