Hero Motocorp shares decline over 2 pc

Shares of Hero Motocorp on Friday declined over 2 percent amid fresh concerns related to the I-T department detecting multiple irregularities after raids on the company.

Hero Motocorp shares tanked 6.32 percent to Rs 2,151.60 apiece during the day on the BSE. Later, it managed to recover some of the lost ground and settled at Rs 2,241.80, lower by 2.39 percent.

On the NSE, it dropped 2.09 percent to settle at Rs 2,246.

The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore, Rs 60 crore ''unaccounted'' cash used to purchase land in Delhi, and the role of some shell companies after it raided Hero Motocorp and two other groups, officials said on Thursday.

The raids were launched on March 23, and the country's largest two-wheeler maker had then said it was extending full cooperation to the tax authorities, who visited its offices in Delhi and nearby Gurugram, apart from the residence of its chairman and CEO Pawan Munjal.