New Delhi, July 15 -- Hero MotoCorp's decade-long strategy of taking minority stakes in electric vehicle (EV) startups has produced both a spectacular winner and its first major setback.

The country's largest two-wheeler maker has sharply marked down the value of its investment in the Netherlands-based electric motorcycle startup Zero Motorcycles, even as its stake in listed scooter maker Ather Energy has multiplied in value. The write-down comes despite Hero maintaining that its technology partnership with Zero on premium electric motorcycles remains intact.

A review of Hero MotoCorp's annual reports between FY24 and FY26 shows the carrying value of its investment in Zero Motorcycles fell 92% to Rs.19 crore in FY26 from Rs.241 crore a ...