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Thursday, September 3, 2015

Hero MotoCorp down as August sales decline 14%

Shares of Hero MotoCorp fell over 3 per cent in trade on Wednesday, a day after the company reported a 13.97 per cent decline in sales to 4,80,537 units in August.

The stock ended the day 1.76 per cent lower or Rs 42.05 at Rs 2343.25.

The company had sold 5,58,609 units in the same month last year, Hero MotoCorp said in a filing to BSE.

"The festive season this year will begin almost three weeks late, as compared to last year, and this shift in season is also reflected in the subdued sales in August vis-a-vis the same period last year," the company said in a statement.

The two-wheeler motorcycle manufacturer would commence new launches with the introduction of two scooters, followed by bikes.

"With the upcoming festive season, we expect sentiments to improve, which in turn is likely to revive market demand. The industry expects the second half of the year to be better than the first two quarters," it added.

Source: ETAuto
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