Kotak Institutional Equities downgrades Hero MotoCorp's e-scooter battery rental, citing poor value. Stock dips 1% but rises since launch. Analysts split on "sell" vs "hold" ratings.

• Kotak says buying a VX2 battery is cheaper than renting over 5 years.
• Vida brand holds a 3% market share; stock is up 1.6% post-launch.
• Analysts average "hold" rating, median target 4,614 rupees vs Kotak’s 3,500.