TVS down on profit booking

TVS Motors reported its highest ever sales for EV electric scooter – iQube, up 77% (YoY) at 4677 units in June. And overall growth was up 22% at 3,08,501 units.

Exports showed a jump of 8% at 1,14,449 units.

Three-wheelers sales for the month rose 7% at 14,786 units.

Despite the good monthly sales performance, the stock is currently the top loser on the BSE, slumping down almost 5% to hit an intraday low at Rs.823.20. On Friday, the stock had hit a new 52-week high at Rs.885.85  and today, what we are seeing is profit booking as some brokerage houses have put out a sell report, saying that it is fully priced.