By- Poorvika Agrawal
The residence and office of the Chairman and Managing Director of Hero Motocorp are raided by the Income Tax department. According to the sources, the search in his residence located in Gurugram is going on. The search began in the morning. He is blamed to have shown the bogus expenses from his account. Some of the suspicious expenses found by the IT team are from in-house companies.
The company's shares have fallen by 2% after the raid. Hero MotoCorp's stock has fallen 1% in the last week. The stock has lost 11% in a month. The shares have given negative returns of 4% so far this year. Apart from this, the stock has fallen by 23% till March 2022 as compared to March 2021.
According to Forbes, the net worth of 68-year-old Pawan Munjal is $ 3.2 billion (about Rs 24.39 thousand crores). Munjal was ranked 54th on the list of the country's richest businessmen in 2021. At the same time, in the list of 2021 Billionaires, he was at number 665. Vasudha Munjal, Annubrata Munjal, and Supriya Munjal are Munjal's three children.
Hero MotoCorp is the world's largest two-wheeler manufacturer. It does its business in more than 40 countries. The company has 8 manufacturing plants globally. Of these, 6 are in India. Colombia and Bangladesh each have one plant. Hero MotoCorp holds more than 50% market share in the Indian two-wheeler segment.
Hero MotoCorp is developing a business platform that is connected, autonomous, and shared, and it includes an electric automobile. The company has also developed a prototype of a high-utility, modular electric three-wheeler which can be intelligently converted into a two-wheeler as per user requirement. The company has already demonstrated this vehicle. It can be used both individually and commercially.