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A sharp fall in the share price of Hero MotoCorp sent the BSE auto index crashing in the early morning trade today.
Hero MotoCorp shed Rs 123.90 to trade at Rs 2,121.10 after the company came out with Q4 numbers yesterday. The company had shown an 11 per cent increase in sales and 20 per cent increase in net profit.
But still the market was unimpressed with the numbers or appears to be more concerned with what is in store for the first quarter of the current fiscal. This is because the company has indicated that the impact of rise in input costs would be felt in the first quarter.
Hero MotoCorp has twice increased the product prices in two months, including the price hike effected yesterday.
The other auto stocks to shed significant value were Bajaj Auto, down by Rs 19.25 to Rs 1,573.90, and Maruti, which shed Rs 14.55 to trade at Rs 1,317.95.
In fact of the 10 auto index stocks, nine were down. Only Ashok Leyland was trading in the green, but barely. Ashok Leyland was up by 25 paise at Rs 30.75.
The auto index was down by 118.27 points at 10,462.90, the biggest loser in the morning trade.
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