CRISIL has reaffirmed 'AAA/Stable/A1+' on the debt programmes and bank facilities of Hero MotoCorp (HMCL) continue to reflect HMCL's strong business risk profile, marked by leadership in the motorcycles market in India, and its robust financial risk profile, marked by a large net worth, absence of debt, and substantial liquid surpluses.

These rating strengths are partially offset by the company's moderate presence in the premium motorcycles segment and low share in the export market.

CRISIL believes that HMCL will maintain its robust credit risk profile over the medium term, on the back of its leadership in India's motorcycle market. The outlook may be revised to 'Negative' in case of a sustained decline in the company's market share or sharp deterioration in its operating profitability.

Shares of the company declined Rs 119.70, or 4.42%, to settle at Rs 2,588.85 The total volume of shares traded was 2,955,200 at the BSE (Friday).