Shares of Hero Motocorp rose more than 3 per cent on Wednesday after Sunil Munjal stepped down as Hero MotoCorp promoter and board member. Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.
Sunil will continue to hold 32,500 equity shares of the company representing 0.02% of the issued and paid up share capital of the company in his individual capacity, the notification said.
The company said that "there will be no change in the classification of the remaining promoters and such persons will continue to be promoters of the company."
Hero MotoCorp had said the realignment would not impact the overall promoter shareholding, strategic direction or operational management of the company.
The company's board has reappointed Pawan Munjal as Chairman, MD and Chief Executive Officer for the period of 5 years.
Shares of the Hero Motocorp rose 2.40 per cent to Rs 3373 on BSE at 2.26 pm IST. It touched an intra-day high of Rs 3429 during trade.