Shares of Eicher Motors continued to trade lower on Thursday, hitting an intra-day low of Rs 20,321, falling by nearly 4 percent. The stock is just 0.34 percent away from its 52-week low of Rs 20,301.10.
The stock has fallen more than 12 percent in the last two days and has lost over Rs 2,800 in value per share. The stock was quoted at Rs 23,195.10 at close on Tuesday and slipped to Rs 21,162.30 on Wednesday.
At 2.08 pm, the stock traded at Rs 20,364.50, trading lower by 3.77 percent. The stock has declined 13.37 percent in the last one month.
Royal Enfield, the two-wheeler division of Eicher Motors, on Tuesday reported a 13 percent decline in total sales to 58,278 units in December. The company had sold 66,968 units in December last year, it said in a statement.
The weak performance was a result of lack of demand for its motorcycles with engine capacity of less than 350 cc, whose sales fell 15 percent on year to year 53,790 units.
The sales performance was hit even after the company resolved staff problems at its key facility in Tamil Nadu in November.
Eicher Motors was the top loser on Nifty Auto, which slipped by over a percent with 13 stocks declining against 3 advancing. MRF, TVS Motors and Bajaj Auto traded positive.
Meanwhile, the Nifty gave up 10,700 mark, trading nearly a percent lower, while the Sensex was lower by nearly 350 points, trading at 35,542 at 2.15 pm.
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First Published: IST