The Income-Tax department continued its raids on the premises linked to Hero MotoCorp overnight and for the second day on Thursday. The search has expanded to multiple locations, sources told CNBC-TV18.
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Raids that are part of a tax evasion probe were underway at Hero MotoCorp’s offices in Delhi and Gurgaon and at the office and residence of chairman Pawan Munjal.
India’s largest two-wheeler maker, however, has called it a "routine inquiry, which is not uncommon before the end of the financial year".
A team of officials of the department is looking at financial documents and other business transactions of the company and its promoters, they said.
"Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman & CEO Dr. Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year," the company said in a statement.
Following the development, Hero MotoCorp reassured stakeholders that it continues to be business as usual. “We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities,” it said.
At 12:30 pm, shares of the two-wheeler manufacturer were trading at Rs 2401.45, up 0.2 percent from their previous close, on the Bombay Stock Exchange. The stock rose 0.3 percent to Rs 2,402.45 on the National Stock Exchange (NSE).