The Income Tax department carried out raids on the premises of Hero Motorcorp, and also at the residence of chairman Pawan Munjal, early on 23rd March.
The raid was carried out as part of an investigation into allegations of tax evasion against the country’s largest two-wheeler automobile company. IT officials carrying out the raid looked for financial documents and other transactional documents of the company.
Hero Motorcorp has its presence in 40 countries in Asia, Central America, South America, and Africa. The company is yet to release any official statement on the tax raids.