IT raids here, Hero MotoCorp’s stock crashed there || Hero MotoCorp shares crashed, owner of world’s largest two-wheeler manufacturer in trouble
New Delhi: The Income Tax Department raided the premises of Hero MotoCorp company Chairman and MD Pawan Munjal on Wednesday morning. After this, the stock of the country’s largest two-wheeler company started seeing a steady decline. Hero MotoCorp Share Price opened with a positive note in the morning. The company’s stock closed at 2421.30 on Tuesday. It opened on Wednesday morning at Rs 2433.05. After this, as soon as the news of the Income Tax Department’s raids on Pawan Munjal’s premises came in the media, the company’s shares started falling apart.
During the day’s trading, the company’s stock went down to a low of Rs 2328.85, which shows a fall of 3.81% in the price. During the trading, the company’s stock touched a high level of Rs 2439.70. At the end of trading, the stock of Hero MotoCorp closed down by Rs 25.90 on the BSE. In this way, it fell 1.07% to Rs 2395.40. While on NSE, the company’s share price fell by Rs 29.65, or 1.22%, to Rs 2,394. The impact of the fall in the share price was also visible on the company’s market capitalization (Hero MotoCorp MCap).
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The market capitalization of the company has gone up to Rs 47,717.09 crore. The Income Tax Department has raided the premises of Pawan Munjal as well as some officers of the company. There is an allegation against Munjal that he has shown bogus expenses in his accounts. Some of the dubious expenses received by the IT team are also from inhouse companies. It is believed that this raid is going to continue even now.