Hero Motocorp stock slumps after ED searches at Pawan Munjal’s residence
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 price slumped more than 4 per cent after the Enforcement Directorate carried out searches at the residence of company Chairman Pawan Munjal.
The Indian flyer was caught while going to board flight number TG-332 bound for Bangkok.
On inquiry, he could not produce any valid documents to carry such a huge amount of foreign currency. The passenger along with the seized amount was later handed over to the Customs officials for further action.
At the end of the amnesty period, the central bank will initiate actions against anyone who violates the order, in terms of the provisions of the Foreign Exchange Act.
Moody's also downgraded the bank's long term foreign and local currency bank deposit ratings to 'Ba3' from 'Ba1'.
A total of 1,030 grams of gold biscuits and bars worth Rs 36,10,761 was also found from his possession, the statement read.
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