Auto shares skid in latest bout of market volatility

The Nifty Auto index was down 0.50% at 6,003.40, extending losses for fifth day.

The index has lost 13.67% in five days. It slumped 12.72% to hit the day's low at 5,265.80 in opening deals today.

The index has fallen 33.73% from its 52-week high of 9059.35 hit on 18 April 2019.

Among the auto companies, Hero MotoCorp (down 4.44%), Bajaj Auto (down 4.4%), TVS Motor Company (down 4.25%), Tata Motors (down 4.15%), Mahindra & Mahindra (down 2.88%), Ashok Leyland (down 2.21%), Escorts (down 1.95%), Eicher Motors (down 0.94%) and Maruti Suzuki India (down 0.21%) declined.

Meanwhile, the Society of Indian Automobile Manufacturers (SIAM) announced auto sales figures for February 2020. Vehicle sales across categories registered a decline of 19.08% to 16,46,332 units from 20,34,597 units in January 2019, it said.

Domestic passenger vehicle sales declined by 7.61% to 251,516 units in February from 272,243 units in the year-ago month.

Car sales last month were down 8.77% at 1,56,285 units as against 1,71,307 units in the February last year.

Motorcycle sales last month declined by 22.02% at 8,16,679 units as against 10,47,356 units in the year-ago period, it added.

Total two-wheeler sales in February fell by 19.82% to 12,94,791 units as compared to 16,14,941 units in the same month last year.

Sales of commercial vehicles were down 32.9% to 58,670 units in February as against 87,436 units in the same month last year, SIAM said.

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