Hero MotoCorp tanks after stopping global manufacturing facilities

Hero MotoCorp slumped 8.86% to Rs 1656.5 after the company announced decided to halt operations at all its global manufacturing facilities.

The company in a regulatory filing announced that it has decided to halt all global manufacturing facilities in India, Colombia and Bangladesh along with Global Parts Centre (GPC) at Neemrana with immediate effect until 31 March 2020.

The company also said employees at all the other functions and locations including the Centre of Innovation and Technology (CIT) in Jaipur in the northern Indian state of Rajasthan will continue to work from home, except for those whose physical presence is necessary to run the day‐to‐day essential services.

The company further assured that proactively monitoring the situation since the early stages of the breakout of COVID‐19, and had rolled‐out a slew of measures to ensure the safety and wellbeing of its employees and also, thereby to help contain the spread of the Coronavirus.

Hero MotoCorp is a motorcycle and scooter manufacturer. The company is the largest two-wheeler manufacturer in the world.

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