Hero MotoCorp declines on buzz Bain Capital pares stake

Hero MotoCorp fell 1.81% to Rs 2,903.90 at 14:16 IST on BSE after reports suggested that private equity firm Bain Capital sold shares of the Indian company in the open market today, 7 November 2014.

Meanwhile, the BSE Sensex was down 47.98 points, or 0.17%, to 27,867.90.

On BSE, so far 4.85 lakh shares were traded in the counter, compared with an average volume of 47,130 shares in the past one quarter.

The stock hit a high of Rs 2,927.90 and a low of Rs 2,875 so far during the day. The stock hit a record high of Rs 3,144 on 23 October 2014. The stock hit a 52-week low of Rs 1,907 on 21 February 2014.

The stock had underperformed the market over the past one month till 5 November 2014, rising 2.73% compared with 5.07% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.44% as against Sensex's 7.75% rise.

The large-cap company has an equity capital of Rs 39.94 crore. Face value per share is Rs 2.

According to reports, Bain Capital Partners sold 85.60 lakh Hero MotoCorp shares at Rs 2,875 each.

As of 30 September 2014, Bain Capital held 5.77% or 1.15 crore shares in Hero MotoCorp. Bain Capital originally held 8.6% stake in the company.

Hero MotoCorp's net profit jumped 58.6% to Rs 763.37 crore on 21.7% growth in total income to Rs 7108.85 crore in Q2 September 2014 over Q2 September 2013.

Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.

Powered by Capital Market - Live News