Shares of fell sharply on Thursday, dropping 6.52 per cent to ₹10,165 on the NSE by 1 pm, after the company reported a 12 per cent decline in domestic two-wheeler sales for September 2026 in a filing made to stock exchanges earlier in the day.
The stock opened at ₹10,701, well below its previous close of ₹10,874, and hit an intraday low of ₹9,900, close to its lower circuit band of ₹9,787, before recovering marginally. Traded volume stood at 11.68 lakh shares, with a traded value of ₹1,185 crore, indicating heavy selling pressure. Sell orders accounted for 52 per cent of total order quantity against 47.99 per cent on the buy side.
The sales report, filed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, showed domestic two-wheeler volumes fell to 2,39,771 units in September 2026 from 2,73,188 units a year ago. Total domestic volumes across categories declined 9 per cent year-on-year to 2,94,456 units.
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Export performance, however, offered some relief. Two-wheeler exports surged 34 per cent to 2,11,723 units, while commercial vehicle exports rose 17 per cent to 32,264 units. Overall exports jumped 32 per cent to 2,43,987 units, helping limit the total volume decline, overall dispatches grew 5 per cent to 5,38,443 units.
The stock is now down approximately 17.78 per cent over the past month, significantly underperforming the Nifty 50, which has fallen around 7.16 per cent over the same period. The counter trades at a P/E of 25.87, with a total market capitalisation of approximately ₹2.79 lakh crore. Its 52-week high stands at ₹12,470, hit just a month ago on September 1, 2026.