exports of auto parts slowing due to a weak global economy.

While several TVS Group companies— Sundram Fasteners, Sundaram Brake Linings, Wheels India, Brakes India Ltd, Axle India Ltd, TVS Srichakra, Sundaram Finance—are listed, the public float of these companies is small, an indication that the family is not comfortable with a large public shareholding (and the threat of a possible loss of control).
Umesh Karne, an auto analyst with Brics Securities Ltd, says many of these companies have managed to create shareholder value while they haven’t displayed any aggression in the market. Still, their appeal among investors has dimmed, with exports of auto parts slowing due to a weak global economy.