Hero MotoCorp hikes prices by up to Rs 500 to offset rising input costs

Two-wheeler major Hero MotoCorp today said it has increased product prices by up to Rs 500 with immediate effect in order to partially offset rising input costs.

"The upward revision in the prices has been done to partially off-set the consistently rising input costs, including the prices of commodities, and currency depreciation," Hero MotoCorp said in a statement.

The exact quantum of the increase varies - on the basis of the particular model and the specific market - up to Rs 500 at ex-showroom level, it added.

The company currently sells a range of bikes and scooters priced between Rs 40,000 and Rs 1 lakh.

Hero MotoCorp also reported a 13 per cent increase in sales to 7,04,562 units in June.

The company had sold 6,24,185 units in the corresponding month last year, it said.

During the April-June quarter, the company has sold over 2.1 million units, it added.