Arguing that changing from conventional two-wheelers to 100 per cent electric is “not like Aadhaar, not a software and print cards”, the companies said concerns of all stakeholders must be taken into consideration instead of imposing adoption of EVs.

The deadline for three-wheelers is 2023, and that for two-wheelers having up to a 150-cc engine is 2025.

The comments come in response to some media reports that the government was considering a proposal to ban sale of internal combustion engine (ICE) three-wheelers by 2023 and less than 150 cc two-wheelers by 2025.

The Japanese conglomerate, which was holding a meagre 3% stake in the TVS group company last year, has increased it to 25% by picking up an additional 22% now.

Two-wheeler sales grew 4.2 per cent to 3,05,883 units in April, this year, compared to 2,93,418 units during same month last year. Domestic two-wheeler sales grew by 3 per cent to 2,48,456 units compared to 2,41,604 units during the corresponding month in 2018.

Revenue from operations rose to 4,384.02 crore in the fourth quarter, against ₹4,007.24 crore a year ago, TVS Motor Company said in a regulatory filing.

The products include premium motorcycle TVS Apache RTR 160 4V single disc, 125cc motorcycle TVS Max 125, 100cc motorcycle TVS Metro special edition and utility vehicle TVS XL100 Heavy Duty i - Touch Start". These products will target the growing customer demand in each of their respective segments.

The stock of the two-wheeler (2W) company was trading at its lowest level since April 7, 2017. It underperformed the market by falling 15 per cent in the past one month, as compared to a 2 per cent decline in the benchmark index S&P BSE Sensex.