Hero Honda stock down over 3 pc on bourses ahead of Q4 results

MUMBAI: Two-wheeler major Hero Honda Motors today fell by over 3 per cent in morning trade on the bourses ahead of its quarterly results, which will be announced later in the day.

The scrip of the auto major slipped by 3.26 per cent to an early low of Rs 1,606.20 on the Bombay Stock Exchange (BSE).

Edgy investors booked profits on the National Stock Exchange as well, where the stock fell by 3.29 per cent to touch a low of Rs 1,602.15.

The board of directors of the company will meet today to announce the financial results for the fourth quarter and financial year ended March 31, 2011.

The stock had fallen by nearly 2 per cent in the previous trading session also, following the RBI's move to raise key policy rates by 50 basis points.

The RBI's move has fuelled concerns that hardening interest rates will hit demand for vehicular loans.

Meanwhile, the BSE broader Sensex was trading at 18,418.08, down by 116.61 points, at 1116 hours.