The share price of the three-wheeler manufacturer tumbled after brokerages say that the stock price has already run way ahead of its target prices and the company’s valuation might be expensive.
JP Morgan raised the target price of Bajaj Auto from ₹6,100 to ₹6,400, whereas the target price for Hero MotoCorp has been revised from ₹3,500 to ₹3,750.
During the quarter under review, the revenue from operations stood at ₹10,777 crore, up 6%, as against ₹10,203 crore in the corresponding period of the previous year.