Hero MotoCorp slips on reduction in vehicle prices

The two-wheeler announces price cuts ranging from 2-5% upto a maximum of Rs 4,500

Shares of Hero MotoCorp were down over 1% at Rs 1,956 after the company announced reduction in two-wheeler prices following the excise duty cut by the Finance Minister in the interim budget.

"We have decided to pass on the entire benefit of the excise duty cut to our customers. We have judiciously spread out the price cut across our product portfolio ranging from 2% to 5% with the maximum reduction being Rs 4,500," the company said in a release to the BSE late Tuesday.

It may be recalled that excise duty on various vehicle segments were lowered in the interim budget with excise duty on small-cars, two-wheelers and commercial vehicles reduced to 8% from 12% earlier.

Over 78,000 shares were traded on both the stock exchanges so far.