Shares of Hero MotoCorp fell almost 4% in Wednesday's session despite increase in August sales volume.
Hero MotoCorp sold 5,84,456 units of motorcycles and scooters in August 2020, registering a growth of 7.55% over 5,43,406 units reported in the corresponding month of the previous year.
In the domestic market, Hero sold 568,674 units, up 8.52% from 524,003 units in August 2019. Sequentially, the company's sales grew 13% from 5,14,509 units sold in July.
Following the release of August sales figures, Hero MotoCorp stock touched an intraday low of Rs 2,878.3, falling 3.91% against the previous close of Rs 2,995.25 on BSE. The stock also touched an intraday high of Rs 3,055 earlier in the session.
Hero MotoCorp shares have declined 6.66% in the last 5 days. The stock trades higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages.
Hero MotoCorp stock has fallen 6.83% in one week. Market capitalisation of the firm stood at Rs 58,846 crore as of today's closing session.
"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% over the corresponding month of the previous year," the world's largest two-wheeler maker said in a release."Now operating at nearly 100% production capacity with almost all customer touchpoints open, the company remains committed to the health and safety of everyone in its ecosystem, including its customers,"Hero MotoCorp added.
Hero MotoCorp shares closed 1.64% lower at Rs 2,496 on BSE today.