Auto stocks decline up to 4.4 pc

The BSE auto index finished 2.43 per cent lower. Declining for the ninth straight quarter, passenger vehicle sales in India plunged 78.43 per cent in the April-June period this year hit by the coronavirus pandemic, making it the longest slowdown in 20 years, auto industry body SIAM said on Tuesday.

Auto stocks declined up to 4.4 per cent on Tuesday after passenger vehicle sales in India plunged 78.43 per cent in the April-June period this year hit by the coronavirus pandemic. Bosch dipped 4.41 per cent, Eicher Motors 4.17 per cent, Maruti Suzuki India 3.69 per cent, Hero MotoCorp 2.88 per cent, Tata Motors 2.59 per cent and Motherson Sumi Systems 2.34 per cent on the BSE.

Shares of Mahindra & Mahindra declined 1.97 per cent, TVS Motor Company 1.81 per cent, Exide Industries 1.70 per cent, Ashok Leyland 0.89 per cent and MRF 0.46 per cent. The BSE auto index finished 2.43 per cent lower.

Declining for the ninth straight quarter, passenger vehicle sales in India plunged 78.43 per cent in the April-June period this year hit by the coronavirus pandemic, making it the longest slowdown in 20 years, auto industry body SIAM said on Tuesday. The commercial vehicles segment also saw a decline of 84.81 per cent in sales during the period, the fifth quarter in succession of decline, which is also the longest period of slowdown the segment has witnessed in the last 15 years.

"Currently, we are going through a very difficult phase due to coronavirus... We have been suffering hugely on the demand side since last year; but this quarter, the degrowth is due to COVID-19. It is going to be very harsh on the auto sector," SIAM President Rajan Wadhera told reporters in a video conference. PTI SUM SHW SHW.

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