Though Hero MotoCorp opened in the green, up some 0.5% at Rs.2433, it soon slumped down 4% to an intraday low at Rs.2328.85 and is currently trading at Rs.2373 levels.

The stock price tumbled down on news that the Income Tax (I-T) department conducted search operations at the company's 25 premises.

The search operations are said to be still on at its offices and residences of senior management in Delhi, Gururgram and in other parts of North India. Even head honcho, Pawan Munjal’s office and residence have come under the I-T search operations.