Eicher Motors Shares Fall After Earnings Announcement

Eicher Motors Shares Fall After Earnings Announcement

Eicher Motors said Royal Enfield sales declined 19% to 181,966 motorcycles in Q1

Eicher Motors shares declined more than 3 per cent on Thursday, a day after the auto maker reported its earnings for the April-June period. On the Bombay Stock Exchange (BSE), Eicher Motors shares opened 1.24 per cent lower at Rs. 16,148.00 and dropped to as much as Rs. 15,800.00 apiece in later morning deals, marking a fall of 3.36 per cent compared to their previous close of Rs. 16,350.15. Eicher Motors – the maker of the Royal Enfield motorcycles – reported a 21.59 per cent fall in net profit to Rs. 451.77 crore in the quarter ended June.

On the National Stock Exchange (NSE), the Eicher Motors stock fell 3.44 per cent to an intraday low of Rs. 15,786.00 apiece during the session.

According to a regulatory filing by the company after market hours on Wednesday, Eicher Motors’ revenue declined 6.8 per cent to Rs. 2,361.24 crore in the quarter ended June 30.

Royal Enfield sales declined 19 per cent to 181,966 motorcycles in the first quarter of the current financial year, Eicher Motors said.