April 30, 2019 / 5:21 AM / a month ago

BUZZ-Hero MotoCorp falls after March-qtr profit miss

** Shares of Hero MotoCorp Ltd, India’s largest motorcycle maker, fall 3 pct - biggest intraday pct loss in over 2 months

** Slowing growth of passenger vehicle sales in hurt co’s profit, which missed consensus for March-qtr profit on Friday

** Two-wheeler demand has weakened post the new insurance norms in September and the cost push from regulatory changes over next 1 year will be a further drag for co - CLSA

** Indian auto industry body said earlier this month passenger vehicle sales are expected to grow between 3 percent and 5 percent in current FY, after expanding at the slowest pace in 5 years last year

** CLSA also sees margin headwinds for all two-wheeler makers due to new safety and emission norms amid weak demand and high competition

** Co’s shares have fallen about 16 pct YTD, as of Friday’s close

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