Shares of Hero Honda closed lower at Rs1,699 down Rs58 or 3%, after company reported sales for the month of August.
The stock touched an intra day high of Rs1,777 and low of Rs1693, after opening at Rs1,770. The total traded quantity stood at 1.45 lakhs shares over the counter.
Hero Honda reported a jump of 2.28% in its sales at 4,24,617 units in August 2010. The company had sold 4,15,137 units in the corresponding month last year. For the 4th consecutive time the company has recorded more than four lakh dispatch sales in a single month.
Honda Motor Co. has no plan to sell its stake in Hero Honda Motors Ltd., Yuki Watanabe, spokesperson for the Japanese auto giant was quoted as saying.
Separately, the Munjal family owned Hero Group said that its joint venture partner is planning to exit India’s largest two-wheeler maker Hero Honda by selling its 26% stake.