Income Tax department conducts searches at multiple premises of Hero Motocorp

Income Tax department is conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search.

The Income Tax Department searched Hero Motors' headquarters, as well as many other locations in Delhi-NCR, on Wednesday. This search includes the promoter Pawan Munjal's office and apartment, as well as locations associated with the company's senior personnel.

Pawan Munjal is the CEO of Hero MotoCorp, a manufacturer of two-wheelers. It currently operates in 40 countries in Asia, Africa, South America, and Central America. 

"The searches are taking place at the Hero Moto Corp Chairman Pawan Munjal's residence. Hero Moto Corp's headquarters and the homes of its key executives are also being searched. On suspicion of tax evasion, a search and seizure action is taken," according to sources in the Income Tax department.

Hero MotoCorp operates eight globally benchmarked production facilities, six of which are in India and one each in Colombia and Bangladesh. With a market share of more than 50% in the local motorcycle industry, the two-wheeler manufacturer is a dominating market leader in India.

Hero MotoCorp reported a huge drop in overall wholesales of 29% in February. According to a corporate statement, the vehicle firm sold 3,58,254 units compared to 5,05,467 units in the same time previous year.

Domestic sales were also down 31.57 percent last month, at 3,31,462 units, compared to 4,84,433 units in February 2021. Motorcycle sales were 3,38,454 units last month, down from 4,63,723 units the previous month.