Auto stocks decline on profit taking

Shares of three auto stocks fell 0.23% to 0.5% at 13:17 IST on BSE, with the stocks sliding on profit booking after Finance Minister Arun Jaitley announced hike in basic customs duty on commercial vehicles from 10% to 40%.

Mahindra & Mahindra (down 0.5%), Maruti Suzuki India (down 0.23%), and Eicher Motors (down 0.94%) edged lower. Ashok Leyland (up 0.37%) and Tata Motors (up 0.74%) edged higher.

Meanwhile, the S&P BSE Sensex was down 249.26 points or 0.85% at 28,970.86.

Finance Minister Arun Jaitley in his first full-fledged Union Budget 2015-16 today, 28 February 2015, announced hike in basic customs duty on commercial vehicles from 10% to 40% and effective rate from 10% to 20%. However, customs duty on commercial vehicles in Completely Knocked Down (CKD) kits and electrically operated vehicles including those in CKD condition will continue to be at 10%, Jaitley said.

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