The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency.
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New Delhi: In trouble for Hero Motocorp Executive Chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations. The searches were carried out at premises located in Delhi and Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
According to ED sources, the financial probe agency’s action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal.
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The DRI team had found foreign currency from Munjal’s premises, the source claimed. However, the officials of the ED remained tight-lipped on the case and searches against Hero Moto Corp chairman.
Soon after the news, company shares nosedived by as much as 3%. The company shares were trading 3.45% lower at Rs. 3092.90 apiece on BSE at 1 pm. Notably, the shares fell after touched their 52-week high mark of Rs. 3,242.85 apiece on BSE today. Hero Motocorp share value has increased by 13.36% YTD and 8.42% in last one year.
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Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.
More details are awaited…
