Two-wheeler major Hero MotoCorp on Wednesday said the visit of Income Tax officials to its office premises was for “a routine inquiry, which is not uncommon before the end of the financial year”.
Officials from the Income Tax department visited two of the company’s offices in Delhi and Gurugram and the residence of its Chairman and CEO Pawan Munjal on Wednesday.
In a statement, the company said: “We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year. We reassure all our stakeholders that it continues to be business as usual.”
“We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities.”
On Wednesday, the company’s stock on the BSE, fell to Rs 2,395.40, down Rs 25.90 or 1.07 per cent from its previous close.