NEW DELHI: The stock price of Hero MotoCorp declined 2.7% on Monday to close at Rs 2,954 on the back of news about a police complaint being filed against the company and certain officials over a forgery allegation. The report (FIR) was filed by Brains Logistics – an erstwhile manpower services provider to Hero Moto- that accused the company of forgery and falsifying account books.
The company denied the allegations. “This is to inform that it is an old matter pertaining to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt Ltd. It may also be noted that while the complainant has mentioned company officials in the complaint, however, no official has been named in the FIR. In 2013, Hero MotoCorp also registered an FIR against them and the matter is ongoing before the competent court.”
In Monday’s weak market, the stock opened flat but lost ground in mid-session as the news trickled in. In mid-session it was down about 3.5% at Rs 2,925 but recovered some ground before the close.
The company denied the allegations. “This is to inform that it is an old matter pertaining to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt Ltd. It may also be noted that while the complainant has mentioned company officials in the complaint, however, no official has been named in the FIR. In 2013, Hero MotoCorp also registered an FIR against them and the matter is ongoing before the competent court.”
In Monday’s weak market, the stock opened flat but lost ground in mid-session as the news trickled in. In mid-session it was down about 3.5% at Rs 2,925 but recovered some ground before the close.
