I-T dept raids Hero Motocorp premises in Delhi, NCR
New Delhi, March 23: The Income Tax Department carried out search and seizure operations at several premises of automobile company Hero Motocorp. According to sources, searches started on Wednesday morning and covered more than 40 premises in Delhi and NCR.
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Source said a team of officials of the department was looking at financial documents and other business transactions of the company and the promoters.
After the income tax raids news broke, the share of the Hero Motocorp witnessed a decline of 2.5 per cent on NSE.
Hero MotoCorp Limited, formerly Hero Honda is an Indian multinational motorcycle and scooter manufacturer headquartered in New Delhi, India. The company is the largest two-wheeler manufacturer in the world and also in India, where it has a market share of about 37.1 per cent in the two-wheeler industry. As of 27 May 2021, the market capitalization of the company was Rs 59,600 crore ($7.8 billion.
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-PTC News
