Hero MotoCorp tanks over 5% as Q3 net falls
Hero MotoCorp's scrip fell by over 5 percent on Friday after the company reported a 20.41 percent decline in net profit.
Mumbai: Hero MotoCorp's scrip fell by over 5 percent on Friday after the company reported a 20.41 percent decline in net profit for the third quarter ended December 31.
Following disappointing results, shares of the country's largest two-wheeler maker made a weak debut and further plunged 5.41 percent to a 52-week low of Rs 1,720 on the BSE, in an otherwise strong stock market.
At NSE, the stock slipped 5.42 percent to Rs 1,720.05.
"In Q3 FY13, the performance of Hero MotoCorp came way below our as well as street expectation as the company's net profit declined 20.4 percent," Karvy Stock Broking said in a report.
Hero MotoCorp had yesterday reported 20.41 percent decline in net profit at Rs 487.98 crore for the third quarter ended December 31, due to lower sales and higher expenses.
The company had posted net profit of Rs 613.03 crore in the same quarter of the 2011-12 fiscal.
Net sales in the October-December quarter, 2012-13 stood at Rs 6,151.31 crore, as against Rs 5,983.55 crore in the year-ago period.
Volume sales during the quarter were down to 15,73,135 units, as against 15,89,286 units in the year-ago period.
The BSE 30-share Sensex was trading at 20,066.68, up 102.65 points at 1211 hrs.