Shares of TVS Motor Company hit a fresh 52-week low of Rs 511 per share, slipping 3% on the BSE on Monday, and extending its 5% decline in past three trading sessions in otherwise firm market on back of heavy volumes. The stock fallen below its previous low of Rs 518 recorded on Thursday, July 26, 2018, in intra-day trade.
Till 02:30 pm; a combined 2.68 million equity shares representing 0.56% of total equity of two-wheeler Company have changed hands on the NSE and BSE so far. The S&P BSE Sensex hit a new high 37,511 in intra-day trade, quoting 0.425 higher at 37,492 points.
In past three weeks, TVS Motor has underperformed the market by falling 13.3% as compared to 4.4% rise in the benchmark index.
Reliance Mutual Fund had sold nearly one million equity shares of TVS Motor last week through open market.
“On Friday, July 20, 2018, Reliance Capital Trustee Company through various schemes of Reliance Mutual Fund sold 909,170 equity shares or 0.19% stake of the company through open market,” TVS Motor Company said in a BSE filing.
Post transaction, Reliance Mutual Fund holding in the company declined to 2.92% from 3.11%, it added.
Earlier, on July 18, ICICI Prudential Mutual Fund under its various schemes had bought 348,809 equity shares of TVS Motor Company through secondary market. Post transaction, ICICI Mutual Fund holding in the company increased to 5.04% from 4.97%.
Share prices of two-wheeler makers were among the biggest losers in trade during past one month, shedding in the range of 5% to 7% on worries that aggressive pricing at a time of commodity inflation would squeeze margins. On comparison, the S&P BSE Sensex was up nearly 6% during the month.
Meanwhile, the board of directors of TVS Motor is scheduled to meet on Tuesday, August 7, 2018 to consider the unaudited financial results for the quarter ended June 30, 2018.