Royal Enfield Parent Eicher Motors Shares Fall After Harley-Davidson's X440 Launch
The new bike launched by Hero and Harley, competes against the upcoming Royal Enfield Hunter 450 by Eicher Motors.
Shares of Eicher Motors Ltd. fell the most in 16 months after Harley-Davidson Inc., in collaboration with Hero MotoCorp Ltd., launched its most-affordable motorbike in India.
The U.S. cruiser motorbike maker on Monday launched the X440 starting at Rs 2.29 lakh (ex-showroom). The price can go up to Rs 2.69 lakh for the top variant.
That compares with Royal Enfield Classic 350's starting price of Rs 1.93 lakh and the Hunter 350's Rs 1.5 lakh.
Shares of Eicher Motors fell 6.04% to Rs 3,411.5 apiece as of 1:37 p.m., as compared with a 0.52% advance in the NSE Nifty 50. The scrip fell as much as 6.25% intraday, the most in nearly 16 months since March 7, 2022.
Shares closed 2.65% lower as compared with a 3.7% advance in the S&P BSE Sensex.
Total traded volume stood at 9.6 times its 30-day average. The relative strength index was at 37.
Out of the 45 analysts tracking the company, 30 maintain a 'buy' rating, 11 recommend a 'hold' and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 11.5%.
