According to the latest sources, the Income Tax Department has been raiding Hero MotoCorp Chairman and Managing Director Dr Pawan Munjal’s office and residence since this morning. Officials from the IT Department are also said to have searched additional locations linked to other top executives at India’s largest two-wheeler maker. Hero MotoCorp has been contacted by carandbike for an official statement, but the firm has yet to react.
With a presence in over 40 countries, Hero MotoCorp is the world’s largest two-wheeler manufacturer by volume. It has six manufacturing sites in India, as well as one each in Bangladesh and Colombia, and is the market leader in the Indian two-wheeler industry. However, it has recently suffered a drop in global sales. The company reported a large 29 percent drop in overall wholesales in February this year compared to the same period last year.
Domestic sales dropped by 31.57 percent last month, with the company selling 3,31,462 units compared to 4,84,433 units in February 2021. This result, however, had no effect on the company’s progress into the electric vehicle business, and in the first week of March 2022, it revealed its new electric two-wheeler brand, ‘Vida,’ under which more EVs will be released into the Indian and global markets.