TVS Motor slumps over 6% as two-wheeler major to buy a stake in Swiss e-bike firm 

The company plummeted 6.5 percent in early trade on Friday as investors did not welcome the two-wheeler major’s move to acquire a 75 percent stake in Switzerland's largest e-bike player, Swiss E-Mobility Group AG (SEMG), for $100 million.

The acquisition reaffirms TVS’s commitment to expanding operations in Europe through a portfolio of premium and technology-leading brands, it said in a statement.

The counter fell to a low of Rs 588.60 as against Rs 629.85 at the previous close on the National Stock Exchange.

“TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change,” TVS Motor Company Chairman Venu Srinivasan was quoted as saying in reports.