The shares of India’s largest two-wheeler manufacturer tank 3 percent after Delhi police registered an FIR against the company’s chairman.
At 12:50 p.m The shares of Hero Motocorp Limited were trading at Rs.2,940 down by 3 percent from its previous day close price and the market capitalization of the company is 58,903 Cr.
According to the reports, the Delhi police registered an FIR against Hero MotoCorp’s Executive Chairman and whole-time director Pawan Munjal, alleging forgery the FIR relates to an old matter dating before 2010.
In addition to this, the police have accused Pawan Munjal of producing fake bills, depositing them with the income tax department, and taking benefit of them in service tax.
The company’s revenue increased by 15.59 percent from 29,551.28 Cr in FY22 to 34,158.38 Cr in FY23, accompanied by increasing profits of 2,329.05 Cr to 2,799.9 Cr.
The company reported a return on equity (ROE) of 17.26 percent and return on capital employed of (ROCE) of 23.93 percent, this indicates that the company is making good returns on its equity and capital employed.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold 34.77 percent stake, the Domestic Institutional Investors hold 27.29 percent and the Foreign Institutional Investors (FII) hold 28.09 percent.
Hero Motocorp is one of the world’s largest and India’s largest two wheeler manufacturer, which was started as a joint venture between Hero group and Honda motor company and in 2011 both the parties part ways thereby creating separate entities.
Written by: Bharath K.S
