Shares of Hero MotoCorp Ltd. fell the most in over 16 months on Tuesday after the enforcement directorate raided the premises of its promoters.
Properties and offices linked to Hero MotoCorp Chairman Pawan Munjal and other top executives of the company were raided today by the Income Tax Department over allegations of tax evasion, NDTV reported, quoting sources in the Income Tax Department.
Pawan Munjal's home and offices in Gurugram in Haryana, Delhi and some more cities were searched, NDTV reported.
A team of officials of the department is said to have examined financial documents and other business transactions of the company and its promoters.
Shares of the company fell 4.10% to Rs 3,072.4 apiece, compared to a 0.21% decline in the NSE Nifty 50 as of 12:47 p.m.
The stock declined 4.49% intraday, the most since April 1, 2022. It has risen nearly 12% year-to-date. Total traded volume stood at 1.6 times its 30-day average. The relative strength index at 51.
Of the 44 analysts tracking the company, 23 maintain a 'buy' rating, 11 recommend a 'hold', and 11 suggest a 'sell' on the stock, according to Bloomberg data. The average of 12-month price target given by analysts implies a potential downside of 1.3%.
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