The Income-Tax Department on Tuesday said that it is analysing around Rs 1,000 crore in expenses that are suspected to be bogus in the probe at Hero MotoCorp, according to sources. The department is also going through digital data and various other documents as part of its probe.
Further, the I-T department is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore has allegedly been paid.
Post-development, shares of Hero MotoCorp plunged nearly 7 per cent to close at Rs 2,215 apiece on BSE today.
Earlier this month, raids were conducted at the offices and residences of the promoters of Hero MotoCorp, including Pawan Munjal. Statements of those present were recorded and a panchnama was done.
Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. It has sold more than 100 million units across domestic and international markets.
Hero MotoCorp currently has a presence in 40 countries across Asia, Africa and South and Central America. The two-wheeler maker has eight globally benchmarked manufacturing facilities- 6 in India and 1 each in Colombia and Bangladesh.
The company commands a leading position in the domestic two-wheeler segment with over 50 per cent market share.
(With inputs from Divyesh Singh)
Also read: Litigation finance start-up helps Brains Logistics recover dues from Hero MotoCorp