Shares of Hero Motor Company fell to near 4-month lows

Hero Motor Company, the world's largest biker maker, fell to near 4-month lows after the two-wheeler giant reported a drop in monthly sales for August.

Hero Motor said its bike sales dropped 14 percent to 480,537 units last month versus 558,609 bikes in August 2014. The company attributed the fall in sales to the late beginning of the festival season this year.

Hero Motor snapped a 2-day advance dropping 54 rupees, or 2.3 percent, to 2,330 rupees on the National Stock Exchange, where 1.21 lakh shares were traded compared with the 5-day average of 6.5 lakh shares. The stock was trading at 6.5 times its book value of 365 rupees.

Hero Motor has seen its market capitalisation fall 17 percent to 47,600 crore rupees in the past one year.