Hero MotoCorp share falls in early trading ahead of Q1 earnings results

Ahead of its first-quarter earnings results on Thursday, the share of Hero Moto Corp is trading down 0.60 per cent to Rs 3,038.85 in early trading hours.

The share, however, has been on a rise in the last five trading sessions with a jump of 2.83 per cent compared to the Nifty 50's rise of 0.50 per cent in the same period. 

The share is down amid a Reuters repot on Wednesday that the company was facing tax probe over its links to a vendor.

The report claimed that tax authorities are investigating the bikemaker's relationship with a vendor suspected of reporting about $900 million rupees ($11 million).

Zee Business research estimated the manufacturer of motorcycles and scooters to report a standalone net profit of Rs 855 crore for the March-June quarter, a 36.8 per cent rise as against the corresponding period a year ago.

The analysts estimate the company's revenue for Q1 FY24 to rise to Rs 8,930 crore compared to Rs 8,393 crore in the corresponding period a year ago. 

The New Delhi-based auto major's popular models include Splendor Plus, HF Deluxe, Passion Plus, and Pleasure Plus.