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Hero Motocorp shares tumble over 6% amid concerns on I-T raids

Agencies | Updated on: Friday, April 01, 2022, 12:11 PM IST

Trading in Hero MotoCorp Ltd shares started on a positive note at Rs 2433.05 against its previous day's close at Rs 2421.30. / Representational Image  |
Trading in Hero MotoCorp Ltd shares started on a positive note at Rs 2433.05 against its previous day's close at Rs 2421.30. / Representational Image |
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Shares of Hero Motocorp on Friday declined over 6 percent amid fresh concerns related to the I-T dept detecting multiple irregularities after raids on the company.

Shares of Hero Motocorp tanked 6.32 percent to Rs 2,151.60 on the BSE. At the NSE, it tumbled 6.28 percent to Rs 2,150.

At 12.03 PM, the shares were down 3.06 percent or Rs 70.20 at Rs 2223.95 on the NSE. On the BSE, it was 3.16 percent or Rs 72.65 down at Rs 2,224.15

The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore, Rs 60 crore ''unaccounted'' cash used to purchase land in Delhi, and the role of some shell companies after it raided Hero Motocorp and two other groups, officials said on Thursday.

The raids were launched on March 23, and the country's largest two-wheeler maker had then said it was extending full cooperation to the tax authorities, who visited its offices in Delhi and nearby Gurugram, apart from the residence of its chairman and CEO Pawan Munjal.

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Published on: Friday, April 01, 2022, 12:11 PM IST