New Delhi, Oct. 29 -- Hero Motors shares have surged 46% from their IPO issue price of Rs.84, with the stock hitting its third consecutive 5% upper circuit on October 29.

The sharp rally has put the recently listed stock back on investors' radar, supported by strong September-quarter earnings and improving operating performance.

Hero Motors shares were locked in a 5% upper circuit at Rs.122.40 in intraday trade on Thursday, October 29, marking the third consecutive session in which the stock hit its upper price band. The stock opened at Rs.120 apiece on the BSE before climbing to its upper circuit level.

The shares have gained nearly 16% over the past three trading sessions and are now up approximately 46% from their IPO issue price of...