Nothing is going well these days in the legendary auto company Hero Motocorp. A big news related to the company is coming out. A case of misappropriation of 1,000 crores has come to the fore against the company. The Income Tax Department is analyzing the expenditure of around Rs 1,000 crore, which is suspected to be fraudulent in the investigation of Hero MotoCorp. The agency is probing digital data and several other documents as part of its investigation.
Earlier last week, it was reported that the Income Tax Department is conducting raids on several premises of two-wheeler maker Hero MotoCorp as part of the investigation of tax evasion. The raids were carried out at the offices and residential premises of Hero MotoCorp Chairman and Managing Director (MD) Pawan Munjal and other promoters. Since then the stock has continued to decline.
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Hero MotoCorp shares fall
Let us inform that as soon as this news came, the shares of Hero MotoCorp were blown up. Shares of the company lost up to 7 per cent to close at Rs 2,219 on the NSE. At the same time, the company’s shares fell 7.08% on BSE. 2208.35 is closed at Rs. The company’s shares have lost 8.31% in the last five trading sessions. In the last one month, the stock of Hero MotoCorp fell from Rs 2,426.30 to Rs 2,219, during which it has seen a fall of almost 9%.