Shares of Hero Motocorp on Friday declined over 6 percent amid fresh concerns related to the I-T dept detecting multiple irregularities after raids on the company.
The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore, Rs 60 crore ”unaccounted” cash used to purchase land in Delhi, and the role of some shell companies after it raided Hero Motocorp and two other groups, officials said on Thursday.
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The raids were launched on March 23, and the country’s largest two-wheeler maker had then said it was extending full cooperation to the tax authorities, who visited its offices in Delhi and nearby Gurugram, apart from the residence of its chairman and CEO Pawan Munjal.