Hero MotoCorp shares slip up to 4%; here is the reason

Hero MotoCorp share price: Shares of Hero MotoCorp slipped as much as 4.09 per cent to Rs 2810.30 apiece on the BSE in the last hour of trade after news reports said that the Ministry of Corporate Affairs (MCA) has initiated an investigation against the company.

Hero MotoCorp shares slip up to 4%; here is the reason
Hero MotoCorp news: As per the reports, the MCA has ordered an investigation to assess Hero MotoCorp's relationship with a third-party vendor in a case related to the alleged diversion of funds. Image: Reuters/ Representational image

Hero MotoCorp share price: Shares of Hero MotoCorp slipped as much as 4.09 per cent to Rs 2810.30 apiece on the BSE in the last hour of trade after news reports said that the Ministry of Corporate Affairs (MCA) has initiated an investigation against the company. As per the reports, the MCA has ordered an investigation to assess Hero MotoCorp's relationship with a third-party vendor in a case related to the alleged diversion of funds. The investigation has been ordered in the "public interest" to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor, the news agency Reuters reported, citing sources. The stock ended at Rs 2842.70, down 3 per cent.

Reuters further said that Hero MotoCorp, which is India's largest manufacturer of motorcycles, said in a statement that it had not received any communication from the government and could not comment.

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Written By: ZeeBiz WebTeam
Updated: Thu, Jun 15, 2023
04:07 PM IST
New Delhi, ZeeBiz WebDesk
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