Income Tax Department Conducts Raids At Hero MotoCorp Chairman Pawan Munjal's Office And Residence

The Income Tax Department has conducted raids at Hero MotoCorp Chairman and Managing Director Dr Pawan Munjal's office and residence since today morning, according to latest reports. IT Department officials reportedly also conducted searches at other premises related to other top officials of India's largest two-wheeler manufacturer. carandbike has reached out to Hero MotoCorp for an official statement but so far, the company has not responded.

Hero MotoCorp is the world's largest two-wheeler manufacturer by volume with presence in over 40 countries. It is the market leader in the Indian two-wheeler segment and has six manufacturing facilities in India along with one each in Bangladesh and Colombia. However, it's sales worldwide have seen a slump lately. In February this year, the company reported a significant 29 per cent fall in total wholesales compared to the same period last year.

There was also a drop in domestic sales by 31.57 per cent as the company managed to sell 3,31,462 units last month compared to 4,84,433 units in February 2021. This result, however, did not shake the company's advancement into the electric vehicle business and it was in the first week of March 2022 that the company announced its new electric two-wheeler brand 'Vida', under which we will see more EVs pour out into the Indian and global markets.

The carandbike Team is following this story very closely, and will keep you updated on the developments. So stay tuned!