Stocks

TVS Motor hits over 2-1/2-year low on Q1 profit slide

Reuters | Updated on July 23, 2019 Published on July 23, 2019

Venu Srinivasan, Chairman of TVS Motor Company   -  Bijoy Ghosh

TVS Motor Co Ltd fell as much as 5 per cent to Rs 360.80, the lowest since January 3, 2017.

The auto maker on Monday posted a 5.6 per cent drop in June-quarter consolidated net profit to Rs 146 crore ($21.15 million); down 24 per cent sequentially. Total expenses jumped 9 per cent.

Overall, two-wheeler sales, including exports, fell 1 per cent year-on-year, despite an industry decline of 9.7 per cent.

Around 5.2 million shares changed hands, compared with the 30-day average of about 1.4 million shares.

Up to last close, the stock had fallen 33.5 per cent this year, while Bajaj Auto Ltd was down 6 per cent during the same period ($1 = 69.0230 Indian rupees)

Published on July 23, 2019
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