Hero Motocorp says visit by Indian tax authorities was routine
A visit by India`s income tax authorities to the offices of motorcycle maker Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, on Wednesday was part of a routine inquiry, the company said.
A visit by India`s income tax authorities to the offices of motorcycle maker Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, on Wednesday was part of a "routine inquiry", the company said.
"We reassure all our stakeholders that it continues to be business as usual," it said in a statement. "We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance."
The company, the largest two-wheeler manufacturer in the world, said it was cooperating with the tax authorities.
Its shares closed down more than 1% in a largely weak broader market.
Local media reported the visits were made as part of an investigation into possible tax evasion.
See Zee Business Live TV Streaming Below:
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.