ED raids Hero Motocorp chairman Pawan Munjal, shares plunge down

Hero Motocorp share price slumped more than 4 per cent after the Enforcement Directorate carried out searches at the residence of company Chairman Pawan Munjal. Hero Motocorp share was trading at Rs 3,066, down 4.3 per cent on BSE.
In troubles for Hero Motocorp chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations.

According to ED sources, the agency sleuths carried out searches at the premises of Munjal and 10 others. The source said that the financial probe agency action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal. The investigation comes after a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Pawan Munjal, who was investigated on charges of carrying undeclared foreign currency. Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. The company has a presence across 40 countries spanning Asia, Africa, and South and Central America.