Meanwhile, the BSE Sensex was up 46.03 points, or 0.17%, to 27,719.63.
Tata Motors (down 0.58%), Maruti Suzuki India (down 0.11%), Eicher Motors (down 1.51%), Hero MotoCorp (down 0.16%), Bajaj Auto (down 0.74%) and TVS Motor Company (down 0.12%) declined. Ashok Leyland rose 0.31%.
Mahindra & Mahindra (M&M) declined 1.12%. M&M announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.
PSU OMCs increased petrol and diesel prices with effect from midnight 15 October 2016/16 October 2016. PSU OMCs announced increase in selling price of petrol by Rs 1.34per litre (excluding state levies) and increase in selling price of diesel by Rs 2.37per litre (excluding state levies).
Hike in fuel prices have negative impact on customers' buying decision of vehicles.
The BSE Auto index had outperformed the market over the past one month till 14 October 2016, rising 0.8% compared with Sensex's 2.46% fall. The index had also outperformed the market in past one quarter, gaining 11.5% as against Sensex's 0.96% decline.
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