Hero MotoCorp shares tank 2% despite clarifying on I-T dept searches 

Shares of two-wheeler maker Hero MotoCorp declined 2 per cent to hit an intraday low of Rs 2,340 in early trade on BSE despite clarifying on the I-T raids at the premises of its Chairman, MD and CEO Pawan Munjal and other senior officials.
 
The stock opened a tad lower at Rs 2350.05 against the previous close of Rs 2395.40 on BSE. With a market capitalisation of Rs 48,000 crore, the shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
 
“Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman and CEO Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year," the company said.
 
"We, at Hero MotoCorp, are an ethical and law-abiding corporate and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities," it further added.
 
These searches have been conducted as part of a tax evasion investigation against India's largest two-wheeler manufacturer, as per Income Tax department officials, said I-T Department officials.
 
According to MarketsMojo, the stock is technically in a Bearish range. Multiple factors for the stock are Bearish like MACD, Bollinger Band and KST.
 
The Delhi-headquartered two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.