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Auto Stocks Extend Losses On Weak Sales Numbers, Tata Motors Dips Over 5%

Sep 04, 2019

Auto shares extended losses on Wednesday, tracking negative monthly sales data from major companies.

The Nifty Auto index - comprising manufacturers of cars, motorcycles, heavy vehicles, auto ancillaries and tyres - fell as much as 2.21 per cent. Shares in Ashok Leyland, Tata Motors, Maruti Suzuki and Mahindra & Mahindra declined as much as 6.42 per cent, 5.45 per cent, 3.78 per cent and 2.38 per cent respectively, and were the top losers on the Nifty Auto index.

Bosch (down 1.45 per cent), Bajaj Auto (down 1.15 per cent), Motherson Sumi (down 1.11 per cent) and Eicher Motors (down 0.61 per cent) too were trading with losses.

The S&P BSE Auto index on the Bombay Stock Exchange fell as much as 2.19 per cent at one point of time.

Tata Motors, Ashok Leyland, Maruti Suzuki, Mahindra & Mahindra, Bajaj Auto and Eicher Motors reported their sales numbers recently.

Tata Motors reported a 48.41 per cent fall in sales to 32,343 vehicles in the domestic and international markets last month. In a regulatory filing, the automobile maker said its total domestic sales stood at 29,140 vehicles in August 2019, marking a year-on-year decline of 49.06 per cent.

Ashok Leyland reported a 63 per cent drop in total sales of medium and heavy commercial vehicles (M&HCV) in the domestic market during the month of August to 4,585 units from 12,420 units in the previous year.

Mahindra & Mahindra (M&M) reported a 26 per cent decline in domestic sales in August on a year-on-year (YoY) basis.

Bajaj Auto reported a 18.59 per cent decline in total domestic sales of motorcycles and commercial vehicles to 2,08,109 units in August. Eicher Motors reported a 23.74 per cent fall in two-wheeler sales to 52,904 units in the domestic market. Its domestic sales in the trucks and buses segment declined 35.08 per cent to 3,144 units.

At 10:53 pm, Tata Motors, Maruti, Mahindra & Mahindra and Bajaj Auto traded 5.15 per cent, 3.30 per cent, 1.93 per cent and 0.95 per cent lower respectively, as against a 0.28 per cent fall in the benchmark Sensex index.

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