ED raids Hero Moto Corp chairman Pawan Munjal's house, impact on company's stock

The Enforcement Directorate (ED) on Tuesday conducted raids against Hero MotoCorp Executive Chairman Pawan Munjal and others as part of its money laundering probe. Official sources informed that as per the provisions of the Prevention of Money Laundering Act (PMLA), the ED raided Pawan Munjal's house and several offices. The ED registered a case against the Chairman and CEO of Hero MotoCorp.
A person close to Munjal is accused of having undisclosed foreign currency. A complaint was registered against the accused by the Directorate of Revenue Intelligence (DRI). Please tell that a close aide of Pawan Munjal was caught at the airport with a large amount of undeclared foreign currency. Munjal and his company were raided by the Income Tax Department in March last year as part of a tax evasion probe.
The effect of ED's raid on Tuesday is also visible in the stock of the company. The company's shares fell nearly 5 percent to Rs 3032.10. Significantly, on Tuesday, the company's stock reached a nearly 52-week high of Rs 3,242.85 on the BSE.
Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001 in terms of unit volume sales in a calendar year and has retained the title continuously for the past 20 years. Explain that the company has a presence in 40 countries including Asia, Africa, and South and Central America.