Officials from India's financial crime fighting agency conducted a search at the residence of two-wheeler maker Hero MotoCorp's Chairman Pawan Munjal on Tuesday, according to a source aware of the matter.
FILE PHOTO-Pawan Munjal, Managing Director and CEO of Hero MotoCorp, India's largest maker of motorcycles and scooters, poses for a photo during a news conference in Villa Rica, Cauca July 6, 2014. REUTERS/Jaime Saldarriaga/File Photo
BENGALURU, Aug 1 - Officials from India's financial crime fighting agency conducted a search at the residence of two-wheeler maker Hero MotoCorp'sThe Enforcement Directorate took cognisance of a Directorate of Revenue Intelligence case and a Prevention of Money Laundering Act case has been registered against Munjal, CNBC-TV18 reported, citing sources.
Hero MotoCorp, India's largest manufacturer of motorcycles, and the Enforcement Directorate did not immediately respond to Reuters' request for comments. The source could not be named as they are not authorised to speak to the media. Hero MotoCorp was under the scrutiny of India's income tax authorities last year, which the company had termed a "routine inquiry."
Shares of the company fell as much as 5.4% after the news and was the top drag on the benchmark Nifty 50 indexReporting by Aditya Kalra in New Delhi and Navamya Ganesh Acharya in Bengaluru; Editing by Sonia Cheema
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