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    Hero MotoCorp shares fall 3% after July total sales decline 12%

    Synopsis

    Meanwhile, domestic sales were at 3,71,204 units as compared to 4,30,684 units in July 2022. Exports, however, increased to 20,106 units from 14,896 units in the corresponding period of the last year.

    Hero MotoCorp shares fall 3% after July total sales decline 12%ETMarkets.com
    Shares of Hero MotoCorp fell 3% to Rs 3,019 in Wednesday's early trade on BSE after the company reported a 12% decline in total sales at 3,91,310 units in July. The company had sold 4,45,580 units in the year-ago period.

    Meanwhile, domestic sales were at 3,71,204 units as compared to 4,30,684 units in July 2022. Exports, however, increased to 20,106 units from 14,896 units in the corresponding period of the last year.

    The numbers are reflective of the inclement weather conditions in July, including unprecedented rains and floods in certain parts of the country, the company said.

    The incessant rains and the floods caused crop damage in several states, and also resulted in a sharp decline in customer footfalls at the dealerships, it added.

    New product launches leading into the upcoming festive season, along with attractive finance schemes are expected to result in improvement in market demand in coming months, the company said.

    In Tuesday's trade, Hero MotoCorp shares plunged over 3% after news hit that the Enforcement Directorate (ED) has conducted raids in several places in Delhi and Gurugram in a money laundering probe against the company’s Executive Chairman Pawan Munjal.

    The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency.

    In June, ET reported that the Corporate Affairs Ministry had ordered an investigation against Hero MotoCorp over alleged corporate governance issues.

    In March last year, the income tax department raided the company’s premises over alleged tax evasion. The IT had even covered the residence of Munjal while conducting the searches.

    The CBDT, the department’s parent in a statement without naming the company, had said that it found alleged illegal business expenses of over Rs 800 crore.

    At 10.30 am, the stock was trading 2.2% lower at Rs 3,035 on BSE. However, in the last six months, the stock has surged over 14%.

    Technically, the stock's day RSI (14) is at 54.5. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 67.2, which is above its Center Line, but below signal line.

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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