Hero Motocorp’s Shares Plunge 3%, Raided ₹25 Crore assets

Hero Motocorp's Shares Plunge 3%, Raided ₹25 Crore assets

Hero Motocorp Shares continue declining after the raid on chairperson Pawan Munjal’s residence. ED conducted the charge because of allegations of money laundering by the business head.

PMLA ACT

The Prevention Of Money Laundering Act 2002 was formed to battle money laundering and tax evasion cases.

According to the Act, Government officials and Authorities have full power to seize any land or property bought from illegal money sources.

It Prevents turning Black Money into White.

Hero MotoCorp Raid

Hero Motocorp has been under investigation by the Income Tax Department on speculation of tax evasion since March 2022.

On August 1, 2023, Tuesday ED, The Enforcement Directorate, raided 12 locations in Delhi and Gurugram involving Hero Motocorp and also raided the residence of the company’s chairperson.

The raid resulted in the seizing of a total of ₹25 Crore assets.

The assets included Foreign Currency, Gold, Cash, Diamond Jewellery, Documents and Digital Evidence.

ED discovered that Pawan Munjal used SALT Enterprises Foreign Currency Sources for Personal Expenses.

SALT Enterprises also drew foreign exchange and used travel forex cards in the name of employees who had never travelled abroad. So, Mr Munjal misused company employees for personal gain.

During the search operation, various incriminating documents and digital evidence were found and seized, indicating that the expenses ostensibly shown to have been claimed towards business purposes are not fully supported by evidence. Expenditure aggregating to more than Rs 800 crore has been booked in the guise of purchase of services from a specific event management entity.”

Surabhi Ahluwalia, official spokesperson for the Central Board of Direct Taxes

Hero MotoCorp Latest News

Hero MotoCorp is the largest Two Wheeler Automobile Manufacturer and Promoter in India.

Harley-Davidson X440’s online bookings close on August 3, and deliveries from October.
Hero MotoCorp will start production of the Harley-Davidson X440 at its Garden Factory in Rajasthan Neemrana in September, and shipments will begin next month.

Hero MotoCorp Harley-Davidson X440

Before the raid, the company was soaring on its 52-week-high with a share price of ₹3,242.85.

Hero Motocorp’s Share Value has increased 8% in the last year.

Hero MotoCorp Share Price

After the raid, the share price decreased from ₹3,156.95 to ₹2,965.05.

Hero MotoCorp Share Price

Read our news on How Adani turned his fate around and made a comeback. Something Mr Munjal Could learn from.

Are Willing to Invest in IPO ?

Free Eq Delivery & MF

FREE Account Opening

Upcoming IPO 2024

Company Open Close Application
P N Gadgil Jewellers Soon Soon View IPO
Stallion India Fluorochemicals Soon Soon View IPO
OLA Electric 2 Aug 6 Aug View IPO
Vraj Iron And Steel Limited 26 Jun 28 Jun View IPO
Allied Blenders And Distillers Limited 24 Jun 26 Jun View IPO
Stanley Lifestyles 21 Jun 25 Jun View IPO
Aasaan Loans (Akme Fintrade India Ltd) 19 Jun 21 June View IPO
DEE Development Engineers Limited 19 June 21 June View IPO
Ixigo 10 June 12 June View IPO
Kronox Lab Sciences Limited 3 June 5 June View IPO
Awfis Space Solutions 22 May 27 May View IPO
Digit General Insurance Limited 15 May 17 May View IPO
Aadhar Housing Finance 8 May 10 May View IPO
TBO Tek 8 May 10 May View IPO
Indegene 6 May 8 May View IPO
JNK India 23 Apr 25 Apr View IPO
VI FPO (Vodafone Idea Limited) 18 Apr 22 Apr View IPO
Bharti Hexacom 3 Apr 5 Apr View IPO
SRM Contractors 26 Mar 28 Mar View IPO
Krystal Integrated Services 14 Mar 18 Mar View IPO
Popular Vehicles 12 Mar 14 Mar View IPO
Gopal Snacks 6 Mar 11 Mar View IPO
JG Chemicals 5 Mar 7 Mar View IPO
R K Swamy 4 Mar 6 Mar View IPO
Mukka Proteins 29 Feb 4 Mar View IPO
Bharat Highways InvIT 28 Feb 1 Mar View IPO
Platinum Industries 27 Feb 29 Feb View IPO
Exicom Tele-Systems 27 Feb 29 Feb View IPO
GPT Healthcare 22 Feb 26 Feb View IPO
Juniper Hotels 21 Feb 23 Feb View IPO
Vibhor Steel Tubes 13 Feb 15 Feb View IPO
Entero Healthcare 9 Feb 13 Feb View IPO
Jana Small Finance Bank 7 Feb 9 Feb View IPO
Capital Small Finance Bank 7 Feb 9 Feb View IPO
Rashi Peripherals 7 Feb 9 Feb View IPO
Apeejay Surrendra Park Hotels 5 Feb 7 Feb View IPO
BLS E-Services 30 Jan 1 Feb View IPO
Nova Agri 23 Jan 25 Jan View IPO
EPACK Durable 19 Jan 24 Jan View IPO
Medi Assist Healthcare 15 Jan 17 Jan View IPO
Jyoti CNC 9 Jan 11 Jan View IPO
Innova Captab 21 Dec 26 Dec View IPO
Azad Engineering 20 Dec 22 Dec View IPO
Credo Brands 19 Dec 21 Dec View IPO
RBZ Jewellers 19 Dec 21 Dec View IPO
Happy Forgings 19 Dec 21 Dec View IPO
Muthoot Microfin 18 Dec 20 Dec View IPO
Motisons Jewellers 18 Dec 20 Dec View IPO
INOX India 14 Dec 18 Dec View IPO
Suraj Estate 18 Dec 20 Dec View IPO
DOMS IPO 13 Dec 15 Dec View IPO
Flair Writing 22 Nov 24 Nov View IPO
Tata Technologies 22 Nov 24 Nov View IPO
Fedbank Financial Services 22 Nov 24 Nov View IPO
Gandhar Oil 21 Nov 23 Nov View IPO
IREDA 21 Nov 23 Nov View IPO
ASK Automotive 7 Nov 9 Nov View IPO
Protean eGov 6 Nov 8 Nov View IPO
ESAF Bank 3 Nov 7 Nov View IPO
Mamaearth 31 Oct 1 Nov View IPO
Blue Jet Healthcare 25 Oct 27 Oct View IPO
IRM Energy 18 Oct 20 Oct View IPO
Plaza Wires 29 Sep 4 Oct View IPO
Valiant Laboratories 27 Sep 3 Oct View IPO
Updater Services 25 Sep 27 Sep View IPO
JSW Infrastructure 25 Sep 27 Sep View IPO
Manoj Vaibhav Gems 22 Sep 26 Sep View IPO
Signature Global 20 Sep 22 Sep View IPO
Sai Silks Kalamandir 20 Sep 22 Sep View IPO
Yatra Online 15 Sep 20 Sep View IPO
Zaggle Prepaid Ocean 14 Sep 18 Sep View IPO
Samhi Hotels 14 Sep 18 Sep View IPO
R R Kabel 13 Sep 15 Sep View IPO
EMS IPO 8 Sep 12 Sep View IPO
Jupiter Life Line Hospitals 6 Sep 8 Sep View IPO
Ratnaveer Precision Engineering 4 Sep 6 Sep View IPO
Rishabh Instruments 30 Aug 1 Sep View IPO
Vishnu Prakash R Punglia 24 Aug 28 Aug View IPO
Ebix Cash Coming soon Coming soon View IPO
Balaji Speciality Chemicals Coming soon Coming soon View IPO
Aeroflex Industries 21 Aug 23 Aug View IPO
Pyramid Technoplast 18 Aug 22 Aug View IPO
TVS Supply Chain 10 Aug 14 Aug View IPO
Concord Biotech 10 Aug 8 Aug View IPO
SBFC Finance 3 Aug 7 Aug View IPO
Yatharth Hospital 26 Jul 28 Jul View IPO
Netweb Technologies 17 Jul 19 Jul View IPO
Utkarsh SFB 12 Jul 14 Jul View IPO
Senco Gold 4 Jul 6 Jul View IPO
PKH Ventures 30 Jun 4 Jul View IPO
Cyient DLM 27 Jun 30 Jun View IPO
IdeaForge 26 Jun 29 Jun View IPO
HMA Agro 20 Jun 23 Jun View IPO
IKIO Lighting 6 Jun 8 Jun View IPO
Nexus Select Trust 9 May 11 May View IPO
Mankind Pharma 25 Apr 27 Apr View IPO
Avalon Technologies 3 Apr 6 Apr View IPO
Udayshivakumar Infra 20 Mar 23 Mar View IPO
Global Surfaces 13 Mar 15 Mar View IPO

Upcoming SME IPO 2024

Company Open Close Application
Petro Carbon And Chemicals Limited 25 Jun 27 Jun View IPO
Divine Power Energy Limited 25 Jun 27 Jun View IPO
The Money Fair (Akiko Global Services Limited) 25 Jun 27 Jun View IPO
Mason Infratech Limited 24 Jun 26 Jun View IPO
Sylvan Plyboard (India) Limited 24 Jun 26 Jun View IPO
Shivalic Power Control Limited 24 Jun 26 Jun View IPO
Medicamen Organics Limited 21 Jun 25 Jun View IPO
Winny Immigration And Education Services Ltd 20 Jun 24 Jun View IPO
EnNutrica (Dindigul Farm Product Limited) 20 Jun 24 Jun View IPO
Falcon Technoprojects India Limited 19 Jun 21 Jun View IPO
Durlax Top Surface Limited 19 Jun 21 Jun View IPO
GEM Enviro Management Limited 19 June 21 June View IPO
GPES Solar (GP Eco Solutions India Limited) 14 June 19 June View IPO
United Cotfab Limited 13 June 19 June View IPO
Magenta Lifecare 5 June 7 June View IPO
Sattrix Information Security Limited 5 June 7 June View IPO
3C IT 4 June 7 June View IPO
TBI Corn 31 May 4 June View IPO
Associated Coaters 30 May 3 June View IPO
Aimtron Electronics Limited 30 May 3 June View IPO
Ztech India Limited 29 May 31 May View IPO
Beacon Trusteeship Limited 28 May 30 May View IPO
Vilas Transcore Limited 27 May 29 May View IPO
GSM Foils Limited 24 May 28 May View IPO
HOAC Foods India Limited 16 May 21 May View IPO
Rulka Electricals Limited 16 May 21 May View IPO
Quest Laboratories Limited 15 May 17 May View IPO
Indian Emulsifier 13 May 16 May View IPO
Veritaas Advertising Limited 13 May 15 May View IPO
Mandeep Auto Industries 13 May 15 May View IPO
ABS Marine Services 10 May 15 May View IPO
Piotex Industries 10 May 14 May View IPO
Aztec Fluids & Machinery 10 May 14 May View IPO
Premier Roadlines 10 May 14 May View IPO
Energy Mission Machineries Limited 9 May 13 May View IPO
TGIF Agribusiness Limited 8 May 10 May View IPO
Silkflex Polymers 7 May 10 May View IPO
Finelistings Technologies 7 May 9 May View IPO
Refractory Shapes 6 May 9 May View IPO
Winsol Engineers 6 May 9 May View IPO
Slone Infosystems Limited 3 May 7 May View IPO
Sai Swami Metals & Alloys 30 April 3 May View IPO
Amkay Products Limited 30 April 3 May View IPO
Racks Rollers (Storage Technologies & Automation Ltd) 30 Apr 3 May View IPO
Shivam Chemicals 23 Apr 25 Apr View IPO
Emmforce Autotech 23 Apr 25 Apr View IPO
Varyaa Creations 22 Apr 25 Apr View IPO
Faalcon Concepts 19 Apr 23 Apr View IPO
Grill Splendour Services 15 Apr 18 Apr View IPO
Ramdevbaba Solvent 15 Apr 18 Apr View IPO
Greenhitech Ventures 11 Apr 16 Apr View IPO
Teerth Gopicon 8 Apr 11 Apr View IPO
DCG Cables 8 Apr 10 Apr View IPO
Creative Graphics Solutions India 28 Mar 4 Apr View IPO
Aluwind Architectural 28 Mar 4 Apr View IPO
K2 Infragen 28 Mar 3 Apr View IPO
Jay Kailash Namkeen 28 Mar 3 Apr View IPO
Yash Optics & Lens 27 Mar 3 Apr View IPO
Radiowalla 27 Mar 2 Apr View IPO
TAC Infosec 27 Mar 2 Apr View IPO
GConnect Logitech 26 Mar 28 Mar View IPO
Aspire and Innovative Advertising 26 Mar 28 Mar View IPO
Blue Pebble 26 Mar 28 Mar View IPO
Trust Fintech 26 Mar 28 Mar View IPO
Naman In-Store (India) 22 Mar 27 Mar View IPO
Vruddhi Engineering Works 21 Mar 26 Mar View IPO
Vishwas Agri Seeds 21 Mar 26 Mar View IPO
Omfurn India FPO 20 Mar 22 Mar View IPO
Chatha Foods 19 Mar 21 Mar View IPO
Enser Communications 15 Mar 19 Mar View IPO
Enfuse Solutions 15 Mar 19 Mar View IPO
KP Green Engineering 15 Mar 19 Mar View IPO
AVP Infracon 13 Mar 15 Mar View IPO
Royal Sense 12 Mar 14 Mar View IPO
Signoria Creation 12 Mar 14 Mar View IPO
Pratham EPC 11 Mar 13 Mar View IPO
Pune E-Stock Broking 7 Mar 12 Mar View IPO
Koura Fine Diamond Jewelry 6 Mar 11 Mar View IPO
Shree Karni Fabcom 6 Mar 11 Mar View IPO
Sona Machinery 5 Mar 7 Mar View IPO
V R Infraspace 4 Mar 6 Mar View IPO
M.V.K. Agro Food 29 Feb 4 Mar View IPO
Purv Flexipack 27 Feb 29 Feb View IPO
Sadhav Shipping 23 Feb 27 Feb View IPO
Owais Metal and Mineral 26 Feb 28 Feb View IPO
Deem Roll Tech 20 Feb 22 Feb View IPO
Zenith Drugs 19 Feb 22 Feb View IPO
Esconet Technologies 15 Feb 20 Feb View IPO
Interiors & More 15 Feb 20 Feb View IPO
Atmastco 15 Feb 20 Feb View IPO
Kalahridhaan Trendz 15 Feb 20 Feb View IPO
Thaai Casting 15 Feb 19 Feb View IPO
WTi Cabs 12 Feb 14 Feb View IPO
Polysil Irrigation 8 Feb 13 Feb View IPO
Rudra Gas 8 Feb 12 Feb View IPO
Alpex Solar 8 Feb 12 Feb View IPO
Italian Edibles 2 Feb 7 Feb View IPO
Gabriel Pet Straps 31 Jan 2 Feb View IPO
Baweja Studios 29 Jan 1 Feb View IPO
Mayank Cattle Food 29 Jan 31 Jan View IPO
Harshdeep Hortico 29 Jan 31 Jan View IPO
Megatherm Induction 25 Jan 30 Jan View IPO
DocMode Health 25 Jan 30 Jan View IPO
Delaplex 25 Jan 30 Jan View IPO
Fonebook Retail 24 Jan 29 Jan View IPO
Brisk Technovision 22 Jan 24 Jan View IPO
Euphoria Infotech 19 Jan 23 Jan View IPO
Konstelec Engineers 19 Jan 23 Jan View IPO
LawSikho 19 Jan 23 Jan View IPO
Qualitek Labs 18 Jan 22 Jan View IPO
Maxposure 15 Jan 17 Jan View IPO
Shree Marutinandan Tubes 12 Jan 16 Jan View IPO
Australian Premium Solar 11 Jan 15 Jan View IPO
New Swan Multitech 11 Jan 15 Jan View IPO
IBL Finance 9 Jan 11 Jan View IPO
Kaushalya Logistics 29 Dec 3 Jan View IPO
Kay Cee Energy 28 Dec 2 Jan View IPO
Akanksha Power 27 Dec 29 Dec View IPO
Manoj Ceramic 27 Dec 29 Dec View IPO
HRH Next 27 Dec 29 Dec View IPO
Shri Balaji Valve 27 Dec 29 Dec View IPO
AIK Pipes 26 Dec 28 Dec View IPO
Sameera Agro 21 Dec 27 Dec View IPO
Indifra 21 Dec 27 Dec View IPO
Supreme Power 21 Dec 27 Dec View IPO
Trident Techlabs 21 Dec 26 Dec View IPO
Shanti Spintex 19 Dec 21 Dec View IPO
Electro Force 19 Dec 21 Dec View IPO
Sahara Maritime 18 Dec 20 Dec View IPO
Benchmark Computer 14 Dec 18 Dec View IPO
Shree OSFM E-Mobility 14 Dec 18 Dec View IPO
Siyaram Recycling 14 Dec 18 Dec View IPO
S J Logistics 12 Dec 14 Dec View IPO
Presstonic Engineering 11 Dec 13 Dec View IPO
Accent Microcell 8 Dec 12 Dec View IPO
Sheetal Universal 4 Dec 6 Dec View IPO
Marinetrans India 30 Nov 5 Dec View IPO
Graphisads 30 Nov 5 Dec View IPO
Net Avenue Technologies 30 Nov 4 Dec View IPO
AMIC Forging 29 Nov 1 Dec View IPO
Deepak Chemtex 29 Nov 1 Dec View IPO
Swashthik Plascon 24 Nov 29 Nov View IPO
Rocking Deals 22 Nov 24 Nov View IPO
Arrowhead 16 Nov 20 Nov View IPO
Kalyani Cast Tech 8 Nov 10 Nov View IPO
ROX Hi-Tech 7 Nov 9 Nov View IPO
Sunrest Lifescience 7 Nov 9 Nov View IPO
Micropro Software 3 Nov 7 Nov View IPO
Baba Food Processing 3 Nov 7 Nov View IPO
SAR Televenture 1 Nov 3 Nov View IPO
Mish Designs 31 Oct 2 Nov View IPO
Vrundavan Plantation 30 Oct 1 Nov View IPO
Transteel Seating 30 Oct 1 Nov View IPO
Maitreya Medicare 27 Oct 1 Nov View IPO
Shanthala FMCG 27 Oct 31 Oct View IPO
Paragon Fine 26 Oct 30 Oct View IPO
Ondoor Concepts 23 Oct 27 Oct View IPO
Rajgor Castor Derivatives 17 Oct 20 Oct View IPO
WomenCart 16 Oct 18 Oct View IPO
Arvind and Company Shipping 12 Oct 16 Oct View IPO
Committed Cargo 6 Oct 10 Oct View IPO
Sharp Chucks 29 Sep 4 Oct View IPO
Plada Infotech 29 Sep 4 Oct View IPO
Karnika Industries 29 Sep 4 Oct View IPO
Vishnusurya Projects 29 Sep 4 Oct View IPO
Vivaa Tradecom 27 Sep 4 Oct View IPO
Oneclick Logistics 27 Sep 3 Oct View IPO
Canarys Automations 27 Sep 3 Oct View IPO
E Factor Experiences 27 Sep 3 Oct View IPO
Vinyas Innovative 27 Sep 3 Oct View IPO
Kontor Space 27 Sep 29 Sep View IPO
City Crops Agro 26 Sep 29 Sep View IPO
Goyal Salt 26 Sep 29 Sep View IPO
Sunita Tools 25 Sep 27 Sep View IPO
Arabian Petroleum 25 Sep 27 Sep View IPO
Newjaisa Technologies 25 Sep 27 Sep View IPO
Digikore Studios 25 Sep 27 Sep View IPO
Inspire Films 25 Sep 27 Sep View IPO
Saakshi Medtech and Panels 25 Sep 27 Sep View IPO
Organic Recycling Systems 21 Sep 26 Sep View IPO
Mangalam Alloys 21 Sep 25 Sep View IPO
Marco Cables 21 Sep 25 Sep View IPO
Hi-Green Carbon 21 Sep 25 Sep View IPO
Techknowgreen Solutions 18 Sep 21 Sep View IPO
Madhusudan Masala 18 Sep 21 Sep View IPO
Holmarc Opto-Mechatronics 15 Sep 20 Sep View IPO
Kody Technolab 15 Sep 20 Sep View IPO
Cellecor Gadgets 15 Sep 20 Sep View IPO
Kundan Edifice 12 Sep 15 Sep View IPO
Chavda Infra 12 Sep 14 Sep View IPO
Jiwanram Sheoduttrai 8 Sep 12 Sep View IPO
Meson Valves 8 Sept 12 Sep View IPO
Unihealth Consultancy 8 Sept 12 Sept View IPO
Kahan Packaging 6 Sept 8 Sept View IPO
Pramara Promotions 1 Sept 5 Sept View IPO
Basilic Fly Studio 1 Sep 5 Sep View IPO
Saroja Pharma 31 Aug 5 Sept View IPO
CPS Shapers 29 Aug 31 Aug View IPO
Mono Pharmacare 28 Aug 30 Aug View IPO
Sahaj Fashions 25 Aug 29 Aug View IPO
SunGarner Energies 21 Aug 23 Aug View IPO
Crop Life Science 18 Aug 22 Aug View IPO
Bondada Engineering 18 Aug 22 Aug View IPO
Shoora Designs 17 Aug 21 Aug View IPO
Shelter Pharma 10 Aug 14 Aug View IPO
Srivari Spices 1 Aug 4 Aug View IPO
Sangani Hospitals 4 Aug 8 Aug View IPO
Yudiz Solutions 4 Aug 8 Aug View IPO
Vinsys IT 1 Aug 4 Aug View IPO
Oriana Power 1 Aug 3 Aug View IPO
Zeal Global Services 28 Jul 1 Aug View IPO
Shri Techtex 26 Jul 28 Jul View IPO
Innovatus Entertainment 25 Jul 27 Jul View IPO
Khazanchi Jewellers 24 Jul 28 Jul View IPO
Yasons Chemex 24 Jul 26 Jul View IPO
Asarfi Hospital 17 Jul 19 Jul View IPO
Service Care 14 Jul 18 Jul View IPO
Ahasolar Technologies 10 Jul 13 Jul View IPO
Kaka Industries 10 Jul 12 Jul View IPO
Drone Destination 7 Jul 11 Jul View IPO
AccelerateBS India 6 Jul 11 Jul View IPO
Alphalogic Industries 3 Jul 6 Jul View IPO
Tridhya Tech 30 Jun 5 Jul View IPO
Synoptics Technologies 30 Jun 5 Jul View IPO
Global Pet 29 Jun 3 Jul View IPO
Pentagon Rubber 26 Jun 30 Jun View IPO
Magson Retail 23 Jun 27 Jun View IPO
Greenchef Appliances 23 Jun 27 Jun View IPO
Essen Speciality 23 Jun 27 Jun View IPO
Veefin Solutions 22 Jun 26 Jun View IPO
Aatmaj Hospital 19 Jun 21 Jun View IPO
Vilin Bio Med 16 Jun 21 Jun View IPO
Cell Point 15 Jun 20 Jun View IPO
Cosmic CRF 14 Jun 16 Jun View IPO
Bizotic Commercial 12 Jun 15 Jun View IPO
Urban Enviro 12 Jun 14 Jun View IPO
Spectrum Talent 9 Jun 14 Jun View IPO
Sonalis Consumer 7 Jun 9 Jun View IPO
Kore Digital 2 June 7 June View IPO
Comrade Appliances 31 May 5 June View IPO
Sahana System 31 May 2 June View IPO
CFF Fluid Control 30 May 2 June View IPO
Infollion Research 29 May 31 May View IPO
Hemant Surgical 24 May 26 May View IPO
Proventus Agrocom 24 May 26 May View IPO
Vasa Denticity 23 May 25 May View IPO
Crayons Advertising 22 May 25 May View IPO
Innokaiz India 28 Apr 3 May View IPO
De Neers Tools 28 Apr 3 May View IPO
Retina Paints 19 Apr 24 Apr View IPO
Quicktouch Technologies 18 Apr 21 Apr View IPO