TVS Motors is among the top five losers on the BSE since opening bell, going down 8% to Rs.452.15, which is not too far from its 52-week low of Rs.448.50.

The market is unhappy with its performance for Q4FY19 wherein, net profit came in 19% (YoY) lower at Rs.134 crore. This was on a 9% rise in revenue at Rs.4384 crore.

Its operating profit showed a 4% increase at Rs.308 crore and margin declined from 7.4% to 7%.

The numbers were much below estimates and this has been blamed on higher commodity prices, rising costs and increased competition. And the verdict of most analysts on the Street is that muted demand and low pricing power will limit the margin expansion, at least till first half of FY20.