Hero MotoCorp on Tuesday clarified to the stock exchanges regarding reports that it has picked up majority stake in Mybox, and entered electronics business. Hero MotoCorp said it had no such information.
"With reference to your mail regarding rumour verification we wish to state that the said news pertains to the investment by Munjal family. The company has no information about this investment. However we confirm that this investment has never been discussed in the board meeting of the company. In case there will be any development we will make the required disclosures," Hero MotoCorp clarified to the bourses.
The Munjal family are the promoters of Hero MotoCorp.
The stock exchanges had sought clarification from Hero MotoCorp Ltd with respect to news article appearing in newspaper Mint on June 23, 2015 titled "Hero picks up majority stake in Mybox, enters electronics biz"
At 1:17 pm, the Hero MotoCorp stock was trading 1.32 per cent down at Rs 2,546.60, underperforming the broader Nifty and the Sensex.