Hero Motocorp stock slumps after ED searches at Pawan Munjal's residence

New Delhi, Aug 1 (IANS) Hero Motocorp share price slumped more than 4 per cent after the Enforcement Directorate carried out searches at the residence of company Chairman Pawan Munjal.

Hero Motocorp share was trading at Rs 3,066, down 4.3 per cent on BSE.

In troubles for Hero Motocorp chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations. 

According to ED sources, the agency sleuths carried out searches at the premises of Munjal and 10 others. 

The source said that the financial probe agency action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal.

The DRI team had found foreign currency from Munjal's premises, the source claimed.

However, the officials of the ED remained tight-lipped on the case and searches against Hero Moto Corp chairman.