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 the 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 business purposes but made for a service from an event management company, which allegedly siphoned off the amount, according to an income-tax department probe.

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In the past six trading days, the stock has declined 11 per cent ever since reports emerged of an I-T raid at Hero MotoCorp’s premises in Delhi.

On its part, Hero MotoCorp clarified on Tuesday, March 29, that officials from the Income Tax department visited the company’s offices in the previous week. “The Company has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required, it said. Hero MotoCorp is a law-abiding corporate, with robust internal financial controls, and its financial statements are duly audited,” the company said.