Hero MotoCorp shares plunge 6.2% after August wholesales miss
Hero MotoCorp's shares took a big hit on Wednesday, falling 6.2%, the biggest single-day fall since March 29, 2022.
The reason? August sales didn't quite measure up, with total wholesales at 5.68 lakh units (a bit below the expected 5.9 lakh).
Motorcycle sales slipped by 1.5%, and exports dropped sharply by 24.6%.
Hero MotoCorp to triple EV capacity
On the brighter side, domestic sales grew by 4.4%, and scooter numbers jumped an impressive 42%.
To bounce back, Hero plans to triple its monthly electric vehicle production capacity by fiscal 2027 (from 15,000 units to 45,000 units) and was allotted 76.2 lakh convertible warrants at ₹1,260 each in Ather Energy as part of a major fundraising round.
Even so, Hero's stock is down 11% this year, making it the worst performer on the Nifty 500 index.