Shares of Eicher Motors fell as much as five percent at Rs 2,754.55 on Monday after four days of consecutive gains. It was the second-worst hit on Nifty50 after reports said Royal Enfield may potentially see a fresh round of exits at the top management level.

Royal Enfield is the subsidiary of Indian automaker Eicher Motors.

Lalit Malik, Chief Commercial Officer at Royal Enfield, has put in his papers, while Shubranshu Singh, the global head of marketing who successfully launched the key models of the Interceptor, Thunderbird X, Meteor and the all-new Classic motorcycles, is also serving notice to take up a bigger role outside, as per media reports.

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This comes after the chief executive officer (CEO) of Royal Enfield, Vinod K Dasari stepped down from the post in August.

Royal Enfield is reportedly facing multiple headwinds of delay in product launches, falling volumes, rising cost and production due to microchip shortage.

Analysts have pointed out that any sudden resignation by top management could create a negative sentiment on the stock.

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At 10:10 am, shares of Eicher Motors were trading 3.3 percent lower at Rs 2,803.05 on the NSE.

In the past year, the scrip has surged 30 percent while Year to Date (YTD), the shares have risen 11 percent.

The scrip has underperformed the benchmark BSE Sensex that has gained 23.5 percent YTD and has jumped 52 percent in the past year.

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