Auto stocks tumble as sales dip in June

Shares of ten auto makers fell 0.89% to 3.76% after auto body SIAM said total domestic passenger vehicle sales fell 49.6% in June 2020 over June 2019.

The Nifty Auto index slipped 2.1% to 6,935.50, while the benchmark Nifty 50 index was down 1.5%.

Escorts (down 3.76%), Ashok Leyland (down 2.85%), Hero MotoCorp (down 2.83%), Eicher Motors (down 2.81%), Maruti Suzuki (down 2.65%), Tata Motors (down 2.55%), SML Isuzu (down 2.04%), TVS Motor Company (down 1.82%), Mahindra & Mahindra (down 1.54%) and Bajaj Auto (down 0.89%) tumbled.

According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India declined by 49.59% in June to 1,05,617 units as against 2,09,522 units in the same month last year.

Domestic passenger car sales fell 58% year on year to 55,497 units in June. Two-wheeler sales fell 38.56% at 10,13,431 units as compared to 16,49,475 units in the same month last year.

In Q1 June 2020, passenger vehicle sales dipped by 78.4% to 1.53 lakh units as compared to 7.12 lakh units in the year-ago period.

Commercial vehicles sales were down 84.8% to 31,636 units in Q1 FY21 as compared to 2.08 lakh units while three-wheeler sales totaled 12,760 units as compared to 1.49 lakh units in Q1 FY20, down 91.5%.

Two-wheeler sales cracked by 74.2% to 12.9 lakh units in Q1 FY21 as compared to 50.1 lakh units in Q1 FY20.

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