India's 3rd largest bike maker is having a bad day at the Market today. Know why

Shares of Bajaj Auto Ltd, India's 3rd largest bike maker, fell nearly 4 percent and broke a 2-day winning streak after the two-wheeler maker reported earnings that met market expectations.

Bajaj said its first quarter consolidated net profit rose 37 percent to 1,105 crore rupees compared with 740 crore rupees in the year ago quarter. Sales gained 11 percent to `6,050 crore rupees versus `5,472 crore rupees. The company sold 10.18 lakh bikes and scooters in the past three months compared with 9.88 lakh units in the same period a year ago.

Bajaj dropped 94 rupees to 2,525 rupees on the National Stock Exchange where 8.44 lakh shares were traded compared with the 5-day daily average of 2.67 lakh shares.

Bajaj's market capitalisation has gained 20 percent over one year to 75,800 crore rupees as investors latched on to higher monthly sales in two-wheeler sector. The stock was quoting at 1,948 rupees per share on April 30th.

(Image credit: Indiatimes)