New Delhi, March 6 -- Shares of two-wheeler majors have been under severe pressure in recent months, underperforming the market and sliding to levels not seen in a long time. This has raised investor concerns about a potential rebound in these stocks, as some are now trading at discounts of up to 42% from their peaks.

Bajaj Auto, one of the leading 2- and 3-wheeler manufacturers, saw its shares tumble 42% from a peak of Rs.12,774 per share to a 13-month low of Rs.7,301 during Wednesday's trading session. The significant decline has also brought valuations back to historical averages, with the stock now trading at 21 times earnings, in line with its five-year average.

Similarly, Hero MotoCorp, the world's largest two-wheeler manufacturer...