Hero MotoCorp shares fall over 2% as Q1 results disappoint

Written by PTI | Mumbai | Updated: Aug 6 2014, 17:50pm hrs
Hero, Hero MotocorpShares in India's Hero MotoCorp Ltd fall as much as 2.2 per cent. Reuters
Shares of Hero MotoCorp fell over two per cent today after the company's June quarter earnings missed market expectations.

Stock of the country's largest two-wheeler maker fell by 2.29 per cent to Rs 2,525 on the BSE.

At the NSE, shares of Hero MotoCorp lost 2.21 per cent to Rs 2,526.

Hero MotoCorp had yesterday reported 2.58 per cent increase in net profit at Rs 562.76 crore for the first quarter ended June 30, 2014.

The company had posted a net profit of Rs 548.58 crore during the same period of previous fiscal.

The company also announced elevation of its current MD and CEO Pawan Munjal as the Vice-Chairman and Managing Director of the company.

Net sales of the company went up by 14.24 per cent to Rs 6,999.4 crore for the first quarter, against Rs 6,126.84 crore during the same period of previous financial year, Hero MotoCorp had said in a statement.