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Shares of TVS Motor Co fell as much as 8.2 per cent to Rs 452, their biggest per cent loss since September 28, 2018.
The company posted a 19.3 per cent fall in the March-quarter consolidated profit on Tuesday, missing estimates of Rs 153 crore.
TVS Motor's Q4 operating results are slightly below forecasts and significantly below consensus, Deutsche Bank said in a note. The bank maintains a 'hold' rating, with a target price of Rs 470.
Citi has cut the target price to Rs 455 from Rs 480; it has maintained “sell”.
Jefferies has cut its FY20-21 EBITDA by 6 per cent and EPS by 9 per cent to reflect weaker industry growth, weaker EBITDA margin and higher finance costs.
Jefferies has cut the TP to Rs 540 from Rs 580; it has maintained a “hold”.
Around 3.1 million shares changed hands, compared with the 30-day average of about 1.2 million shares.
Up to Tuesday's close, the stock had fallen 13.8 per cent this year.
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