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ED raids Hero Motocorp Chairman Pawan Munjal, says report; shares plunge over 3%
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Enforcement Directorate raided Hero Motocorp Chairman Pawan Munjal. A PMLA case has been registered against the chairman, reported CNBC.
Soon after the news, company shares nosedived by as much as 3%. The company shares were trading 3.45% lower at ₹3092.90 apiece on BSE at 1 pm.
Notably, the shares fell after touched their 52-week high mark of ₹3,242.85 apiece on BSE today. Hero Motocorp share value has increased by 13.36% YTD and 8.42% in last one year.
The Enforcement Directorate registered a case against the Hero Motocorp chairman and CEO under the Prevention of Money Laundering Act (PMLA), reported CNBC TV 18 citing sources. The ED took the action after receiving inputs from the Department of Revenue Intelligence case.
Read more on livemint.comAbout this in other media
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Hero MotoCorp Q1 Results: Net profit rises 32% YoY to Rs 825 crore but misses estimates economictimes.indiatimes.com /1 year ago
Hero MotoCorp Q1 Results: PAT zooms 32% YoY to Rs 825 crore, revenue rises 4% economictimes.indiatimes.com /1 year ago
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