Hero MotoCorp shares decline nearly 2 pc after Q1 profit plunges

Shares of Hero MotoCorp on Friday slipped around 2 per cent after the company reported a 95.38 per cent decline in consolidated net profit for the first quarter ended June 30. The stock declined 1.90 per cent to Rs 2,757.65 on the BSE. On the NSE, it fell 1.90 per cent to Rs 2,756.05.

Shares of Hero MotoCorp on Friday slipped around 2 percent after the company reported a 95.38 percent decline in consolidated net profit for the first quarter ended June 30. The stock declined from 1.90 percent to Rs 2,757.65 on the BSE.

On the NSE, it fell from 1.90 percent to Rs 2,756.05. The country's largest two-wheeler maker on Thursday reported a 95.38 percent decline in consolidated net profit at Rs 57.78 crore for the first quarter ended June 30, on account of lower sales due to coronavirus pandemic.

The company had posted a net profit of Rs 1,256.69 crore during the April-June period of previous fiscal. Total income during the quarter under review declined to Rs 3,119.22 crore as compared with Rs 8,410.41 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.

The two-wheeler major sold a total of 5.65 lakh units of motorcycles and scooters in the first quarter of fiscal 2020-21 as compared with 18.43 lakh units in the same period of 2019-20.