Business

Auto shares down by 12% as automakers score nil domestic sales in April

New Delhi: Auto stocks on Monday plunged nearly 12 percent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time ever in April after the nationwide lockdown halted output and shut sales network.

Shares of Tata Motors tanked 12.45 percent, Motherson Sumi Systems shares plummeted 12.27 percent, Apollo Tyres 9.45 percent, Hero MotoCorp 8.34 percent, Maruti Suzuki India 8 per cent on the BSE.

Ashok Leyland tumbled 7.83 per cent, TVS Motor Company 7.16 per cent, Mahindra & Mahindra 6.95 percent, Bajaj Auto 6.66 percent and Eicher Motors 6.30 percent.

The BSE Auto index fell by 6.33 percent in early trade.

Maruti Suzuki India, Hyundai Motor India Ltd, Mahindra & Mahindra, Toyota Kirloskar Motor and MG Motor India reported nil sales as they suspended operations even before the imposition of lockdown on 25 March, to check the spread of coronavirus.

Maruti Suzuki, which produces more than half of the cars running on Indian roads, said it did not sell any vehicle in the domestic market in April.

Homegrown automaker M&M also reported zero sales of passenger and commercial vehicles in the domestic market. In the two-wheeler segment, niche bike maker Royal Enfield said it had zero sales in the domestic market.

Source:

www.deccanchronicle.com

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