Shares of TVS Motor Co Ltd today fell 2.7 per cent as brokerage CLSA has initiated a ‘sell’ rating with a target price of Rs 190 rupees, citing sky-high expectations.
It says earnings will rise but miss consensus estimates sharply.
“After a strong 23 per cent growth in FY15, we expect TVS volume CAGR to come down to 10 per cent over FY15-18,’’ it says.