Hero MotoCorp dips 2% as Q4 profit falls 26%; ICICI Sec downgrades stock

ICICI Securities downgraded the stock from 'Add' to 'Hold' with the revised target price of Rs 2,386

Shares of Hero MotoCorp snapped the four-day winning streak and fell as much as much as 2.25 per cent to Rs 2,331.85 on the BSE after the two-wheeler maker reported a 26.46 per cent decline in consolidated profit after tax (PAT) at Rs 613.81 crore for the quarter ended March 31 (Q4FY20)

Revenue from operations during the quarter under review stood at Rs 6,333.89 crore as against Rs 8,120.73 crore in the same quarter a year ago, Hero MotoCorp said in a regulatory filing, adding that it sold 1,323,000 two-wheeler units during the quarter.

For the fiscal year ended March 31, the