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Hero MotoCorp hits 21-month low

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Hero MotoCorp is trading lower by around 3% at Rs 1,623, also its lowest level since May 2011, in otherwise firm market on reports that the workers at company’s Gurgaon unit went on hunger strike from Thursday to demand higher wages.

”The employees are demanding an increment of around Rs 15,000 in monthly salary, spread over a period of three years, the management is reluctant to increase wages beyond Rs 7,500-9,000 in monthly settlement,” the Business Standard report suggests.

 

 

The Gurgaon unit rolls out 6,000-7,000 two-wheelers a day. The company employs around 1,200 permanent workers and 4,000 contract workers at its Gurgaon facility.

The stock opened at Rs 1,667 on NSE and has seen a combined around 92,901 shares changing hands on the counter so far on NSE and BSE.