After Harley-Davidson Inc. launched its most cheap motorcycle in India in partnership with Hero MotoCorp Ltd., shares of Eicher Motors Ltd. dropped to their lowest level in 16 months.
In-depth details about after Harley-Davidson’s X440 launch, shares of Royal Enfield parent company Eicher Motors decline
On Monday, the American manufacturer of cruiser motorcycles unveiled the X440, which starts at Rs 2.29 lakh (ex-showroom). The top variant’s pricing can reach Rs 2.69 lakh.
The starting price of the Royal Enfield Classic 350 is Rs. 1.93 lakh, and the Hunter 350 is Rs. 1.5 lakh. As of 1:37 p.m., shares of Eicher Motors were down 6.04% to Rs 3,411.5 per share, while the NSE Nifty 50 was up 0.52%. The intraday decline in the stock reached 6.25%, the highest level since March 7, 2022, almost 16 months ago. The overall traded volume was 9.6 times higher than the 30-day average. 37 was the relative strength index.
According to Bloomberg statistics, of the 45 analysts following the firm, 30 have a “buy” rating, 11 recommend a “hold,” and four advise selling the stock. The average consensus price target over the next 12 months suggests an increase of 11.5%.
