You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Hero MotoCorp tanks after stopping global manufacturing facilities

Business Finance

Capital Market 

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.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 23 2020. 09:21 IST