Mumbai: As on 8th May, Shares of Hero MotoCorp fell by over 4 percent after the company reported 14 percent decline in net profit for the fourth quarter ended March 2015.
The stock dropped by 4.33 percent to Rs 2,252 on the BSE. On the NSE, it was down 4.38 percent at Rs 2,251.30.
The stock was the biggest loser among the blue-chips on both Sensex and Nifty.
Hit by a one-time impairment payment due to the bankruptcy of its US-based technology partner Erik Buell Racing (EBR), Hero MotoCorp yesterday reported a 14.05 percent decline in net profit at Rs 476.53 crore for the fourth quarter ended March 31, 2015.
"This is after impairment of Rs 155.04 crore (USD 25 million) of equity investment in Erik Buell Racing, Inc," Hero said.
The company, which had posted a net profit of Rs 554.43 crore in the same period of the previous fiscal, will set up a wholly-owned arm in the US for research, development and consulting services, distribution and marketing, among others post the set back with EBR.
Net sales of the company for the fourth quarter ended March 31, 2015 stood at Rs 6,793.87 crore, up 4.31 per cent, as against Rs 6,512.96 crore in the year-ago period.
In the broader market, the BSE benchmark Sensex was trading at 26,988.82, up 391.17 points.
