Hero MotoCorp hits a 52-week high after Delhi High Court gives Munjal relief against ED probe
A bench of justice Saurabh Banerjee of the Delhi High Court on Friday (November 17) ordered the stay on the money laundering probe against Munjal.
Hero MotoCorp Share Price: In the first trading session after the Delhi High Court stays the Enforcement Directorate's proceedings against Hero MotoCorp executive chairman Pawan Munjal, the shares of the automaker hit a 52-week high of Rs 3367.90. The Hero MotoCorp stock closed the Friday trading session at Rs 3335.10 before starting its journey on Monday at Rs 3350.0.
It took the stock little time to hit the 52-week high. The company's all-time high is Rs 4,200 it hit on August 23, 2017.
The stock was trading higher by 0.43 per cent, or Rs 14.40, at Rs 3,349.50 at 9:59 am on Monday.
What Delhi High Court's order says
A bench of justice Saurabh Banerjee of the Delhi High Court on Friday (November 17) ordered the stay on the money laundering probe against Munjal.
The probe was in connection with the allegations that the foreign currency worth Rs 54 crore was taken out of the country by Munjal and others.
Banerjee says that the basis of the stay order on Friday was the a November 3 order which stayed the proceedings by the Directorate of Revenue Intelligence against Munjal.
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