Hero Motocorp shares drop on reports of strike

Stocks

oi-Sneha

By Sneha B K

Published: Friday, February 22, 2013, 11:43 [IST]

Shares of the Hero Motocorp dropped on Friday after the reports of Hero MotoCorp Workers Union (HMCWU-Gurgaon unit) going on hunger strike for wage hike.

As per Business Standard report, union will consider initiating a hunger strike or abstaining from production if its next round of talks with the management remains inconclusive.

The employees are demanding an increment of around Rs 15,000 in monthly salary spread over a period of three years, the management is reluctant to increase wages beyond Rs 7,500-9,000 in monthly settlement, as per reports.

The company shares were seen trading at Rs 1670, lower 1.04% on BSE at 11.35 am IST. It touched an intra-day low of Rs 1655.

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