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Hero MotoCorp smacks down reports on bogus expenses, stock up

Hero MotoCorp also announced that it will increase prices of its motorcycles and scooters by up to Rs 2,000 from April 5.

March 30, 2022 / 10:08 AM IST
Hero MotoCorp | The two-wheeler maker will increase ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022, to partially offset the impact of increasing commodity prices. The price increase will be up to Rs 2,000 and the exact quantum of increase will be subject to specific model and the market.

Hero MotoCorp | The two-wheeler maker will increase ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022, to partially offset the impact of increasing commodity prices. The price increase will be up to Rs 2,000 and the exact quantum of increase will be subject to specific model and the market.

 
 
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A day after reports emerged that the income tax (I-T) department had detected bogus expenses of Rs 1,000 crore at Hero MotoCorp, the two-wheeler maker clarified that it has provided all documents and data to the authorities, categorically ''denying the speculative press reports'' and sending shares up nearly 3 percent .

At 09:25 hrs Hero MotoCorp was quoting at Rs 2,262.65, up Rs 54.30 or 2.46 percent on the BSE.

Hero MotoCorp said that the officials from the department visited their 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.''

Also Read: Rs 1,000 crore bogus expenses detected in I-T raid on Hero Motocorp; stock slides 7%

''As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably,'' it added.

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On March 29, sources told CNBC-TV18 that the claims related to the false expenses were detected in an I-T raid conducted from March 23 to 26 on premises linked to Hero MotoCorp.

News agency ANI learnt from sources that "incriminating evidence" was found in the form of hard copies and digital data. Shortly after the reports were out, shares of Hero MotoCorp slipped by over seven per cent on March 29.

Hero MotoCorp also announced that it will increase prices of its motorcycles and scooters by up to Rs 2,000 from April 5. The price revision has been necessitated to partially offset the impact of increasing commodity prices, the country's largest two-wheeler maker said in a statement.

Also Read: Hero MotoCorp to hike prices of motorcycles by up to Rs 2,000 from April 5

 



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