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Hero Honda falls on JV termination report

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A worker cleans a Hero Honda logo inside its showroom in Hyderabad April 19, 2010. REUTERS/Krishnendu Halder/Files

Shares in Hero Honda dropped as much as 9 percent on Wednesday, after a TV news channel reported the board of its Indian partner has approved the termination of the joint venture with Honda Motor.

Hero Corporate will acquire Honda Motor’s 26 percent stake in Hero Honda, for $1 billion to $1.2 billion, the channel said citing unnamed sources.

Shares in the company closed 5.4 percent lower at 1,621 rupees with 0.6 million shares.

Hero Honda shares have dropped over 15 percent so far this month. Do you see the counter dropping further?

Auto index ends as top performer

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INDIA-MOTOR/SALESThe BSE Auto index ended as the top sectoral performer on Friday, gaining 2.8 percent in a market that rose nearly 300 points.

Amtek Auto was the star performer in the auto index, with its shares surging nearly 16 percent. Its shares have jumped nearly 50 percent since July.

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