Hero MotoCorp shares rally 3% on acquiring 32.5% stake in Euler Motors for ₹525 crore to enter electric 3-W segment

toCorp share price gained over 3% on Friday after the auto major announced strategic investment into the electric three-wheeler category. Hero MotoCorp shares rose as much as 3.23% to ₹3,713.40 apiece on the BSE. The world’s largest manufacturer of motorcycles and scooters, Hero MotoCorp will acquire a 32.5% stake in electric three and four-wheeler vehicles maker Euler Motors for ₹525 crore. “The Company's board has approved a strategic investment of up to ₹525 crore (in one or more tranches), in Euler Motors Private Limited. This investment will provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market, where EVs are projected to account for 35% of total sales in the near future,” Hero MotoCorp said in a regulatory filing on March 20.