Royal Enfield maker Eicher Motors shares fell a percent intraday Thursday after brokerage house Investec slashed target price on the stock by 13.4 percent to Rs 30,300 from Rs 35,000 earlier following cut in earnings estimates.
The research house trimmed its EPS estimates by 3 / 1 percent for FY19/20 primarily to factor in impact of Strike, but it has maintained buy call on the stock.
From September 24, 2018, a part of the workforce at Royal Enfield’s manufacturing facility at Oragadam, near Chennai had stayed away from work.
All three plants of the company are now operational at their full capacity, but the loss of production was 28,000 motorcycles during the period of strike.
Eicher, on November 14, launched Continental GT 650 & Interceptor, which are large bikes from an Indian perspective.
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