Shares of two-wheeler makers Hero MotoCorp, Bajaj Auto and TVS Motor Company plunged up to 6 per cent today in an otherwise bullish broader market amid concerns of a possible price war.
Hero MotoCorp tanked 6.20 per cent to close at Rs 3,163.90 on BSE. Shares of Bajaj Auto slid 5.35 per cent to Rs 2,689.10.
Hero and Bajaj Auto were the worst performers among the 30-blue chip scrips.
Shares of TVS Motor too tumbled 4.27 per cent to end at Rs 540.30. All these stocks hit their 52-week low levels in intra-day trading session.
According to reports, two-wheeler industry might face aggressive pricing amid intense competition to gain market share.
Bajaj Auto's scrip had on Friday also plunged over 9 per cent after the company's first quarter earnings came below market expectations.
In the broader market, the BSE benchmark index ended with a gain of 222.23 points at 36,718.60.