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Hero MotoCorp Says No Vehicles Manufactured Or Dispatched In April; Shares Fall 8%

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In a stock exchange filing on Monday, Hero MotoCorp informed that it would be commencing operations in a graded manner at three of its manufacturing plants -Gurugram, Dharuhera and Haridwar and at the Global Parts Center (GPC) at Neemrana in Rajasthan. It said that these manufacturing plants will reopen from Monday and production at these facilities will commence from 6 May.

Hero MotoCorp Says No Vehicles Manufactured Or Dispatched In April; Shares Fall
 

"Only the essential staff will come to work at all the other facilities and corporate offices, observing social distancing and all prescribed safety measures. The remaining employees across all locations in India will continue to Work from Home (WFH) till further notice," the statement said.

The largest manufacturer of motorcycles and scooters in the world also said that it had halted operations across its manufacturing facilities from 22 March 2020 and no vehicles manufactured and dispatched to dealers in April.

"In the month of April, there were no vehicles manufactured and dispatched to dealers. During this time, Hero MotoCorp - along with other Hero Group companies - has been engaged in a host of social welfare work, setting aside a corpus of Rs. 100 crores for the relief efforts towards COVID-19, including a contribution of Rs 50 crores to the PM-Cares fund," it said.

Shares of Hero MotoCorp slipped fell as much as 8.3 percent to Rs 1,985 apiece on Monday on NSE.

Read more about: hero motocorp
Story first published: Monday, May 4, 2020, 12:17 [IST]
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