Hero MotoCorp Extends Manufacturing Shutdown; Stock Edges Lower

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Hero MotoCorp Extends Manufacturing Shutdown; Stock Edges Lower

At 10:20 am, Hero MotoCorp shares were trading lower by 0.37 per cent on the BSE

Hero MotoCorp, India’s largest motorbike maker, extended a shutdown at its manufacturing facilities across the country by another week till May 16. Hero MotoCorp had halted its plant operations temporarily in a staggered manner for four days from April 22-May 1, which was then extended till May 9. At 10:20 am, the shares of Hero MotoCorp were trading at Rs 2,845.60, down 0.37 per cent, on the BSE.

“In view of the prevailing Covid-19 situation across the country, Hero MotoCorp – the world’s largest manufacturer of motorcycles and scooters – has decided to extend the shutdown at its manufacturing facilities across India, its Global Parts Center (GPC) in Neemrana and its R&D facility – the Centre of Innovation and Technology (CIT) in Jaipur – by another week, till May 16, 2021,” Hero MotoCorp said in a regulatory filing to the stock exchanges. All corporate offices of the company are in Work from Home (WFH) mode.

The company is continuously monitoring the situation and is ready with its business continuity plans to be able to quickly resume and scale up operations as and when the situation improves. Hero MotoCorp added.

The centre has maintained that there will not be a nationwide lockdown and Prime Minister Narendra Modi had asserted in his nationwide address on April 21 that lockdowns should only be the last resort. However, many individual states have announced lockdowns to control the devastating second wave of covid-19 pandemic.

The BSE Sensex was trading at 49,528.35, higher by 319.73 points or 0.65 per cent and the NSE Nifty was at 14,926.65, up 102.45 points or 0.69 per cent at the time.

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