Hero MotoCorp has reported a significant 29 per cent drop in total wholesales in February.New Delhi: Shares of Hero MotoCorp fell more than 1.5 per cent on Wednesday after the Income Tax (I-T) department began searches at the company's premises.

The tax department also raided Hero MotoCorp Chairman Pawan Munjal and other senior executives of the company for suspected tax evasion.Offices and residential premises of Mr Munjal in Gurugram, Haryana, Delhi and a few other locations are being covered, sources in the Income Tax department said.As of 1:04 pm, the stock was down 1.75 per cent at Rs 2,378.95 on the BSE index.

It touched an intraday low of Rs 2,328.85, 3.81 per cent lower from its previous day's close of Rs 2,421.30.On NSE, Hero MotoCorp was trading 1.79 per cent lower at Rs 2,380.25.The company has not issued any official comment yet.The automobile maker has reported a significant 29 per cent drop in total wholesales in February.

It sold 3,58,254 units against 5,05,467 units in the corresponding period of last year, according to a company statement.Meanwhile, the domestic stock indices turned weak in afternoon deals after a strong start, dragged by auto and financial stocks.