Eicher Motors has slumped around 4% yesterday to close at Rs.20,341.20 but today morning, it opened higher at Rs.20,600 and went on to hit an intra day high at Rs.21,028.95, a rise of around 3.5%.
There was unconfirmed news yesterday that Delhi-based Flash Electronics has sued Enfield in the US for patent infringement.
The company clarified on this news report after market hours, stating, “We have learnt of a lawsuit filed in The United States of America by Flash Electronics Pvt Ltd. that alleges that one of the components used in some of Company’s motorcycle models infringes on the plaintiff’s registered patent. The supplier of said component denies plaintiff’s claims vehemently.
Eicher further added that the Company has a strategy of developing and if required, sourcing components and parts from multiple vendors and as such the above event is not considered material by the company as per rules laid down by SEBI.