Motorbike makers shares drop on NITI ’s EV stance

Motorbike makers shares drop on NITI ’s EV stance

The scrip of Eicher Motors fell 3.05%, Bajaj Auto declined 1.97%, Hero MotoCorp 1.28% and TVS Motor 0.62% on the BSE.

AgenciesUpdated: Monday, June 24, 2019, 09:59 PM IST
article-image
Sensex Red down |

New Delhi: Shares of motorbike makers fell by up to 3% on Monday after Niti Aayog asked industry body SIAM along with conventional two and three-wheeler makers to suggest within two weeks, concrete steps towards transition to electric mobility on Friday. The scrip of Eicher Motors fell 3.05%, Bajaj Auto declined 1.97%, Hero MotoCorp 1.28% and TVS Motor 0.62% on the BSE.

"With declining auto sales, lack of supply chain for electric vehicles, no charging infrastructure, transition to BSVI efficient standards, auto companies are facing a tough time juggling between weak revenues, dented margins and re-investment required to build 2 and 3 wheelers to match with the latest norms.

"The pressure to switch when they are already facing a tough time will impact their margins further," said Umesh Mehta, Head of Research, Samco Securities.

RECENT STORIES

With 1,59,000 Cases, Maharashtra, India's Richest Has The Highest Number Of Bank Frauds: Report

With 1,59,000 Cases, Maharashtra, India's Richest Has The Highest Number Of Bank Frauds: Report

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Lamborghini Unveils First Logo Redesign In 20 Years

Lamborghini Unveils First Logo Redesign In 20 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

Skoda Superb Poised For Return To India – Speculated Launch On April 3!

Skoda Superb Poised For Return To India – Speculated Launch On April 3!