Shares of Hero MotoCorp slumped more than 6 per cent in the morning trade today even as the company posted 20.33 per cent increase in net profit for the fourth quarter ended March 31,2012.
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After a weak opening,shares of the country’s largest two-wheeler maker lost 6.1 per cent to touch a low of Rs 2,108 on the BSE.
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Profit-booking dragged the company’s shares on the NSE also,where it slipped 6.12 per cent to Rs 2,107.40.
It was the biggest loser among the blue-chips on both BSE and NSE during the morning trade.
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The company yesterday posted a 20.33 per cent increase in its net profit to Rs 603.59 crore for the fourth quarter ended March 31,2012,on the back of robust sales during the period.
It had posted a net profit of Rs 501.61 crore for the quarter ended March 31,2011.
The company also announced an immediate price hike of up to Rs 1,000 on its products due to rising input costs.
In the broader market,the BSE benchmark Sensex was trading at 17,154.95,down 146.96 points at 1044 hrs.