My Two cents :
Any Business that depends on government subsidies is not going to sustain. If not today govt will end the Fame Subsidy in immediate future. ( my guess it is on the cards). Greaves was not under gov’t scrutiny.
The battery prices are coming down drastically and the battery subsidy will be irrelevant and Greaves is not a discounting company , hence they pass it on to customers.
Regards,
Ajay