Indian auto stocks fall up to 4 pct due to disappointing sales in August
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New Delhi, Sep 11 (PTI) Auto stocks fell up to 4.2 percent Tuesday after domestic passenger vehicle sales declined for the second month in succession.
Shares of Apollo Tyres tumbled 4.17 percent, Hero MotoCorp declined 3.06 percent, Tata Motors lost 3.03 percent, TVS Motor Company 2.64 percent, Ashok Leyland 1.73 percent, Maruti Suzuki India 1.56 percent and Bajaj Auto 1.24 percent on BSE.
Led by losses in these stocks, the BSE auto index fell 1.52 percent to end at 23,903.70.
Domestic passenger vehicle sales declined for the second month in succession with 2.46 percent drop in August due to high base effect and partial impact of floods in Kerala, automobile industry body SIAM said Tuesday.
According to data released by SIAM, domestic passenger vehicle sales stood at 2,87,186 units last month as against 2,94,416 units in August 2017.
Car sales declined 1.03 percent to 1,96,847 units last month as against 1,98,892 units in August last year.
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