Hero MotoCorp to reduce prices up to Rs 4,500

Country's largest two-wheeler maker Hero MotoCorp has decided to cut prices up to 5% to pass on the benefit of excise duty cut announced by Union Finance Minister P Chidambaram in his interim Budget.

"We have decided to pass on the entire benefit of the excise duty cut to our customers. We have spread out the price cut across our product portfolio ranging from 2% up to 5% with maximum reduction being Rs 4,500," Hero MotoCorp Ltd said in a statement.

Chidambaram announced a reduction in excise duty on small cars, medium cars and motorcycles from 12% to 8%.