The managements ability to historically grow more or less consistently vis a vis guidance should be respected. The stock at CMP is pricing in future earnings growth and the management has seen it as an opportune moment to create some liquidity. A 4% reduction of stake should be seen for what it is - and the fact that promoters continue to hold 50%+ should also be registered and respected.
As long as demand is robust and management sticks to its plans to produce 900,000 motorcycles in CY18, there should be decent uptick in earnings over the coming couple of years.
4% liquidation does not mean good times are over, and what happened with PI or PAGE has no relevance and is unrelated to Eichers future. Let us keep our discussions objective and factual, and make conclusions based on performance and not speculation.