Shares of Hero MotoCorp fell by more than 3 per cent amid reports that the ED conducted searches against the company’s executive chairperson Pawan Kant Munjal.
Published Date – 06:05 PM, Tue – 1 August 23
New Delhi: Shares of Hero MotoCorp on Tuesday fell by more than 3 per cent amid reports that the Enforcement Directorate conducted searches against the company’s executive chairperson Pawan Kant Munjal and others as part of a money laundering investigation.
The stock of the two-wheeler maker declined 3.14 per cent to settle at Rs 3,103 apiece on the BSE. During the day, it fell by 5.34 per cent to Rs 3,032.10.
On the NSE, it lost 3.23 per cent to end at Rs 3,100.05 per share.
The company’s market valuation fell by Rs 2,007.4 crore to Rs 62,010.87 crore.
The searches were carried out at the residential and business premises of the 69-year-old billionaire businessman, the promoter of India’s largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some linked entities, they said.
The raids were launched after the ED registered a case against them under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
In a statement, the company said, “Officials from the Enforcement Directorate (ED) today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency.” In a highly volatile trade, the 30-share BSE Sensex declined 68.36 points or 0.10 per cent to settle at 66,459.31. The NSE Nifty fell 20.25 points or 0.10 per cent to end at 19,733.55.
The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
