TVS Group Stock Crashes 20%, InvestingPro Sees Upto 141% Upside

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TVS Group Stock Crashes 20%, InvestingPro Sees Upto 141% Upside
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the auto components manufacturer Sundaram Clayton (NS: SUND ) crashed on Friday and hit a 20% lower circuit of Rs 3,853.4 apiece on Friday.

Sundaram Clayton is part of the $6.5 billion TVS Group and manufactures aluminium and magnesium castings for the automotive industry.

The company witnessed a total of 14,172 equity shares exchanging hands on the BSE in Friday’s trade compared to an average volume of 658 shares in the past two weeks’ period.

The Chennai-based major had fixed March 24, 2023, as the record date for determining eligible shareholders entitled to receive a bonus 9% cumulative NCRPS (NonConvertible Redeemable Preference Shares) of the company.

Each eligible shareholder of Sundaram Clayton will be allotted 116 fully paid-up NCRPS of the company having a face value of Rs 10 each, it said on Monday.

The leading auto components manufacturing stock declined for the second straight session on Friday, shedding 20.12% in these two days.

According to InvestingPro models, an average fair price of Rs 6,699.25/share has been set on the mid-cap stock, which is at a 73.9% upside from Friday's closing.

The most-optimistic fair value set on Sundaram Clayton by InvestingPro models is at Rs 9,288/share, a whopping 141% upside from Friday’s closing price.

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