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Indian share down; Hero MotoCorp falters

Source : REUTERS
Last Updated: Thu, May 03, 2012 08:40 hrs
BSE Sensex drop 0.7 pct; banks down ahead of data

India's benchmark index loses 0.54 percent, while the 50-share index falls 0.55 percent, led down by banking and some two-wheeler and auto stocks.

The NSE Bank index heads to its first decline in four sessions, after the RBI issued guidelines on capital ratios tied to the upcoming Basel III regulations.

Hero MotoCorp falls 7.4 percent after missing earnings estimates and on worries about the impact from the expiration of a state tax exemption it currently enjoys in Haridwar of northern India.

Hero's Haridwar plant currently contributes about 35 percent of overall production. The two-wheeler said the expiration of the exemption would raise its taxes to about 23 percent in fiscal 2014 versus 16 percent for the year ending in March 2013, higher than analyst estimates.


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