Hero MotoCorp shares fall as net profit misses estimates

Reuters Market Eye - Shares in Hero MotoCorp Ltd fall as much as 2.2 percent after the company's April-June quarterly earnings missed some analysts' estimates.

Hero reported a net profit of 5.63 billion rupees, against a consensus forecast of 6.13 billion rupees.

Kotak Securities said the company's EBITDA was below its estimates.

Kotak cut its price target to 2,800 rupees from 2,850 rupees, while maintaining a "hold" rating on the stock.

Hero shares down 0.36 percent to 2,574.90 rupees at 11.28 am.

(Reporting by Indulal P)