Eicher Motors, a key player in the automobile industry, experienced a 3 percent decline to Rs 3,815 in morning trade on February 2, putting an end to its four-day gaining streak as investors hurriedly booked profits on the counter.
As of 11:21 am, the shares were trading 1.75% lower at ₹3,864.30, reflecting the market’s response to profit-taking activities.
In its January 2024 performance report, Eicher Motors disclosed a 2 percent year-on-year growth in total vehicle sales, reaching 76,187 units. This compared to the 74,746 motorcycles sold in the corresponding period of the previous year. Notably, models with an engine capacity up to 350cc recorded a marginal decline of 1 percent, totaling 67,620 units compared to 68,183 in January 2023.
On the other hand, models with an engine capacity exceeding 350cc witnessed a significant surge of 31 percent, reaching 8,657 units from the 6,563 units sold during the same month last year. The market reaction, marked by a temporary dip in share value, reflects the complex dynamics at play in the automotive sector, with investors weighing recent gains against broader market trends.