Here is why Hero Motocorp shares are under pressure on Tuesday

Shares of two-wheeler manufacturer Hero MotoCorp Ltd

. slipped as much as 3% on Tuesday, December 9, after UBS flagged a sharp drop in the company's market share in early December.

According to the brokerage, Hero's market share has fallen to 19% so far this month, compared with 35% in November 2025.

For the last 14 days, market share stands at 29%, still well below the 35% recorded during the first three weeks of November.

The stock, which recently climbed to a record high of ₹6,388.50 on December 5, is now down about 6% from those levels. Most of the gains in 2025 came after mid-August.

While Hero posted healthy sales in November, its year-to-date performance remains in negative territory.

Last month, JPMorgan raised its rating on Hero MotoCorp to 'Overweight' and increased its price target to ₹6,850.

The upgrade was driven by signs of market share stabilisation after several years of erosion, along with a better outlook led by new launches and prudent inventory management.

The brokerage had said that the recent GST cuts appear to have revived demand in the bottom half of the two-wheeler market, a segment where Hero MotoCorp is particularly strong.

JPMorgan further expected the valuation gap to narrow as fundamentals continue to improve.

Analyst sentiment on the stock remains mixed. Of the 42 analysts covering Hero MotoCorp, 26 have a 'Buy' rating, 11 recommend 'Hold', and five suggest 'Sell'.

Hero MotoCorp shares are trading 2.55% lower at ₹6,010, and are up 44% on a year-to-date basis.