Shares of the world’s largest two-wheeler maker – Hero MotoCorp – were trading on a flat note at Rs 2,831 after the company informed exchanges that it would temporarily halt operations at its manufacturing units across the country amid rising Covid-19 cases across the country.
“In keeping with its commitment to the safety and welfare of its people, Hero MotoCorp has decided to proactively halt operations temporarily at all of its manufacturing facilities across the country, including its Global Parts Center (GPC), in view of the ongoing escalation in the spread of Covid-19 across the country,” Hero MotoCorp said in a press release on Wednesday.
India’s tally of COVID-19 cases soared by 314,835 over the previous 24 hours, the highest daily increase recorded anywhere. The previous record one-day rise in cases was held by the United States, at 297,430, in January.
Hero MotoCorp will utilize the shut-down days to carry out necessary maintenance work in the manufacturing plants. The shutdown will not impact the company’s ability to meet the demand, which has been impacted due to localized shut-downs in many states and production loss will be compensated during the remainder of the quarter, Hero MotoCorp said.
All corporate offices of the company are already in Work from Home (WFH) mode and very limited colleagues are in offices on rotation basis for continuity of essential services, Hero MotoCorp added.
As of 12:42 pm, Hero MotoCorp shares were unchanged at Rs 2,825, in line with the Sensex which was trading on a flat note.