Judging solely from the headline above, it's clear to see that Hero MotoCorp has some pretty strong feelings about Zero Motorcycles. The Indian motorcycle giant slashed the carrying value of its investment in the California-based EV manufacturer from Rs 2.4 billion (about $29 million) to just Rs 190 million (about $2.3 million) for fiscal year 2026. That’s a 92 % markdown and a reported fair value loss of Rs 2.2 billion (about $26.7 million). Those aren’t exactly numbers you bury in the footnotes.
But if you stop reading there, you’re missing the bigger story.
