Hero Motocorp's share price slumped more than 4% 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% on BSE. In troubles for Hero Motocorp chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday, August 1, 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's action was based on a complaint by the Directorate of Revenue Intelligence (DRI), in connection with unaccounted foreign currency found by the DRI. However, the officials of the ED remained tight-lipped on the searches against the Hero Moto Corp chairman.