Scam of Rs 1000 crore in raids on hero MotoCorp...
The Income Tax Department was continuously raiding the office and house of hero Motocorp CEO Pawan Munjal in delhi and Gurugram. According to the Income Tax Department, there was a discrepancy in the expenditure in the company's account even though the company had not spent it. However, now the Income Tax Department has detected a scam of Rs 1000 crore in raids on hero MotoCorp. This news has had a negative effect on the company's stock, after which the company's stock fell 7 percent on Tuesday.
When was the raid on hero MotoCorp?
According to the information received, the Income Tax Department had raided hero MotoCorp Company on 23 and 26 March. The company had claimed an expenditure of Rs 1000 crore during this period, which was baseless. Along with this, the company had stated on its social media page - that such raids keep happening at the end of the financial year. Sources have come to know that the Income Tax Department has found suspicious information in hard copy and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital data during the raids. However, till now the company has not given any clarification on this.
Raids on 40 locations
The Income Tax Department raided the offices of hero MotoCorp. This raid lasted for a total of 4 days. At the same time, the house of the company's CEO and Managing director Pawan Munjal was also raided. During this, the Income Tax Department conducted raids at a total of 40 places.
Stock fall
The stock of hero Motocorp recorded a huge decline today. hero MotoCorp's shares closed at Rs 2,219, down 6.68 percent on Tuesday. Since the beginning of the year, the company's stock has registered a decline of 10 percent.
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