Worker cleans a Hero Honda logo inside its showroom in Hyderabad.
Shares in Hero Honda Motors fell as much as 9 per cent on Wednesday, after a TV channel reported the board of its Indian partner has approved the termination of the joint venture with Honda Motor.
Hero Corporate will acquire Honda Motor's 26 per cent stake in Hero Honda, India's largest motorcycle maker, for $1 billion to $1.2 billion, CNBC TV18 channel reported, citing unnamed sources.
It said the board of Hero Honda, the joint venture which was formed in 1984, was likely to meet on Thursday to approve Honda's exit from the venture.
(Pictures by Reuters)