Hero MotoCorp shares fell more than 4 percent in morning on Monday after the stock adjusted for interim dividend.
The stock was quoting at Rs 2,845, down Rs 87.35, or 2.98 percent on the BSE, at 09:32 hours IST.
The board of directors, on January 31, declared an interim dividend of Rs 55 per share of Rs 2 each (at the rate of 2,750 percent) for the financial year 2018-19.
Accordingly, the board fixed February 12, 2019 as record date for determining entitlement of members for the purpose of payment of interim dividend.
The country’s largest two-wheeler marker said the payment of interim dividend / despatch of dividend warrants will be completed by March 1, 2019.
Hero MotoCorp posted operationally disappointing numbers in Q3FY19. On a year-on-year (YoY) basis, net operating revenue clocked a subdued growth of 7.5 percent driven by a weak volume growth of 5.3 percent.
Average realisation grew 2.2 percent YoY. An increase in fuel prices, a rise in interest rates, higher compulsory long-term insurance prices, rainfall deficit and weak festive demand dampened demand for HMCL.Negative operating leverage coupled with rising raw material prices led to 4.6 percent YoY decline in earnings before interest, tax, depreciation and amortisation (EBITDA). EBITDA margin also witnessed a contraction of 175.3 bps on YoY basis. Profit-after-tax (PAT) declined 4.5 percent on YoY basis.