The Income Tax department is carrying out a massive search operation at over two dozen premises of two-wheeler giant Hero MotoCorp including its Chairman Pawan Munjal’s residence in connection with alleged tax evasion, a senior tax official told FE. The company’s share price fell 1.69% to Rs 2,380.3 as of 11.11 am from the previous closing price.

The company did not immediately respond to queries sent to it on the matter. I-T officers swooped on 25 premises at 7am on Wednesday at offices and residences of senior management in Delhi, Gurugram and other parts of north India.

Hero MotoCorp Limited, formerly known as Hero Honda, is an Indian multinational motorcycle and scooter manufacturer headquartered in New Delhi. The company is the largest two-wheeler manufacturer in the world.