I-T conduct searches at Hero Motocorp premises

New Delhi [India], March 23 : The Income Tax Department carried out search and seizure operations at several premises of automobile company Hero Motocorp on Wednesday, sources said.
Offices and residences of the top official of the group are covered in the search, Income tax sources told ANI.
According to sources, searches started on Wednesday morning and covered more than 40 premises in Delhi and NCR.
According to the preliminary investigation reports, a large number of incriminating evidence including hard copy documents and digital data have been found and seized during the search.
The key employees and business heads of the group are covered in this search.
Source told ANI that a team of officials of the department is looking at financial documents and other business transactions of the company and the promoters.
After the income tax raids news broke share of the Hero Motocorp has witnessed a decline of 2.5 per cent on NSE.
Hero MotoCorp Limited, formerly Hero Honda is an Indian multinational motorcycle and scooter manufacturer headquartered in New Delhi, India.
The company is the largest two-wheeler manufacturer in the world and also in India, where it has a market share of about 37.1 per cent in the two-wheeler industry. As of 27 May 2021, the market capitalization of the company was Rs 59,600 crore (USD 7.8 billion).