TVS Motor stock falls 3% after share sale by a promoter

TVS Motor stock falls 3% after share sale by a promoter

Shares of TVS Motor Company on Monday dropped 3% to `1,017.75 in intra-day trade on the BSE after Srinivasan Trust, one of the promoters, sold 2,569,726 shares of the company for `262 crore in a bulk deal. The shares were sold at `1,020.03 apiece. As of September 30, Srinivasan Trust held 25,69,726 equity shares or 0.54% of the company.

TVS Motor shares had touched an intraday low of `1,009.80 apiece in an overall drop of 3.77% during the day.

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He added that the company has also invested in future technology areas and added competent people in digital electronic software because they are fundamental to delivering its strategy on the electric vehicle (EV) side.

After the November sales data, the company’s shares were seen volatile. TVS Motor registered a growth of 2% with sales increasing to 277,123 units in November against 272,693 units a year ago. Total two-wheelers registered 2% growth with sales increasing to 263,642 units from 2, 57,863 units. Domestic two-wheeler sales registered a growth of 9% to 191,730 units from 175,940 units a year ago.

Motorcycle registered a 4% growth to 145,006 units from 140,097 units. Scooters saw a growth of 12% to 83,679 units from 75,022 units. Its EV journey recorded a milestone in November, recording sale of 10,056 iQube units in a single month backed by strong order books and increasing acceptance towards electric mobility

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The company’s total exports registered sales of 84,134 units against 96,000 units. Two-wheeler exports stood at 71,912 units against 81,923 units.