Shares of Eicher Motors gained over 7 percent on Thursday to hit a two-month high on Thursday after the company announced its stock split plan that would make it affordable for retail investors. The stock traded at its highest level since March 20, 2020.

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The Eicher Motors stock rallied 9.81 percent to touch intraday high of Rs 16,437.90 on the BSE. The stock has risen nearly 20 percent since May 20.

On May 25, the company said that its board will meet on June 12 to consider and approve sub-division or split of the equity shares.

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The company’s board will also consider and approve audited standalone and consolidated financial results of the company for the fourth quarter and year ended March 31, 2020, it added.

A stock split is aimed at increasing liquidity in the stock and make it affordable for small retail investors.

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First Published:May 28, 2020 1:18 PM IST