The ED on Friday said that three immovable properties located in the national capital worth Rs 24.95 crore, belonging to Hero MotoCorp executive chairperson Pawan Kant Munjal have been provisionally attached under the provisions of the PMLA.
Pawan Munjal has been accused of forgery, falsifying books.
Despite selling a lower number of vehicles during the first quarter of FY24, two wheeler major Hero MotoCorp Ltd logged…
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.
In trouble for Hero Motocorp Executive Chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations.
Currently, Hero MotoCorp has a presence in 43 countries in Asia, Africa, the Middle East, and South and Central America. It has eight manufacturing facilities, including six in India, and one each in Colombia and Bangladesh.
The shares fell over 6 per cent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 per cent lower at Rs 2,231
The company has been taking an active role in the combat against the second wave of the pandemic.
Santosh Munjal is the wife of late Brijmohan Lall Munjal, Chairman Emeritus of Hero MotoCorp.
Total motorcycle sales stood at 4,63,723 units last month as against 4,79,310 units in February 2020, down 3.25 per cent.
