(Reuters) – 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.
(Reporting by Munsif Vengattil and Aditya Kalra in New Delhi)
