Shares of TVS Motor fell 3% to Rs 1,017 in intraday trade on the BSE on Monday in heavy volume. At 9:15 am, exchange data showed that about 2.6 million shares changed hands over the counter on the BSE, representing 0.55% of the company’s shares. The names of the buyer and seller are settled after a while.

Shares of TVS Motor were down 2.7% at Rs 1,021 at 9:51 am, while the S&P BSE Sensex was down 0.4%. Shares of 2/3 Wheelers have fallen 9% over the past month, underperforming the broader market while the benchmark index rose 3%.

In November, TVS Motor’s total sales rose 2% year-on-year to 277,123 units, compared to 272,693 units in the same month last year. The company posted sales of 263,642 two-wheelers, down 23.5% quarter-on-quarter, thus reporting the lowest sales volume for the current fiscal year (FY23).

However, TVS iQube Electric will sell 10,056 units by November 2022, compared to 699 units in November 2021. The company will sell 8,103 units in October 2022. The healthy growth of TVS iQube Electric scooters was supported by solid orders and the acceptance of electric vehicles to improve mobility. The company said the scooter continues to delight customers with its technology and intelligent and personalised connected experience.