Hero MotoCorp shares fall 4?spite jump in August sales
Shares of Hero MotoCorp fell 3.9 percent intraday on September 2 despite an increase in August sales volumes amid lockdown.
"Signaling a positive turnaround for the two-wheeler industry, which is a strong driver of the domestic economy, the company sold 5,84,456 units of motorcycles and scooters in the month of August 2020, a growth of 7.55 percent over the corresponding month of the previous year," the world's largest two-wheeler maker said in its BSE filing.
The company had sold 5,43,406 units of motorcycles and scooters in August 2019.
Sequentially, the growth was 13 percent over July when the company had sold 5,14,509 units, Hero said.
With August marking another step forward in the market's recovery, the company cautiously anticipates sales to continue their upward trajectory with favorable factors such as the upcoming festive season, increasing consumer confidence, and continued government policy support.
The hero is now operating at nearly 100 percent production capacity with almost all customer touchpoints open.
The stock was trading at Rs 2,881.20, down Rs 114.05 or 3.81 percent on the BSE at 12:27 hours IST.