The stock of India’s second-largest motorcycle maker has underperformed the market by falling 9.1% since March 1 compared to 2.4% rise in benchmark Nifty, after reporting a 3.3% year-on-year fall in total sales in February 2013.
Meanwhile, Bank of America Merrill Lynch, last week, had downgraded the stock to "underperform" from "buy" and cut its price target to Rs 1,925, according to a Reuters report.