Morgan Stanley expressed concern about Bajaj's market share losses in the domestic internal combustion engine (ICE) two-wheeler market, noting that retail data shows the company's market share has fallen to approximately 9%, one of its lowest levels in years outside the Covid period. The research firm also pointed to Bajaj's lack of presence in the ICE scooter segment as a factor that caps potential market share gains in India. While Bajaj's domestic ICE three-wheeler portfolio will benefit from a 10% reduction in the Goods and Services Tax (GST) rate from 28% to 18%, Morgan Stanley expects limited volume increases from this tax cut. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.