Hero MotoCorp, India's biggest two-wheeler maker, has announced a tie-up with the Abans Group to sell its products in Sri Lanka. The Abans Group comprises of 21 individually operating businesses with over $100 million turnover.
Hero MotoCorp had reported a 12 per cent year-on-year decline in sales yesterday. Most other auto firms reported a decline in sales because of the downturn in the Indian economy. A drop in rural income and weak monsoons has especially hit two-wheeler sales.
Hero shares have underperformed those of its rivals like Bajaj Auto because the company is completely dependent on local sales for growth.
Share in Hero Moto traded 0.6 per cent lower Tuesday, underperforming the broader BSE Auto index, which traded flat in a lacklustre market.
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