Hero Moto skids 6% as I-T dept finds Rs 800 cr siphoned off funds

In the past six trading days, the stock has declined 11 per cent after media reported that the I-T department said Hero MotoCorp made over Rs 1,000 crore in bogus expenses

Shares of Hero MotoCorp skidded 6 per cent to Rs 2,151.60 on the BSE in Friday's intra-day trade on reports that income tax (I-T) department has found Rs 800 crore siphoned off via shell firms. The stock of the two-wheeler major was trading close to its 52-week low of Rs 2,148 touched on March 8, 2022.

"An expenditure of more than Rs 800 crore on the books of Hero MotoCorp was not for purposes of business but made for a service from an event management company, which allegedly siphoned off the amount, according to an income-tax department probe. The