The Nifty Auto tumbled 3.36% to 6,937.90, extending losses for fifth consecutive session.
The Auto index has slumped 9.87% in last five trading sessions from its previous closing high of 7,697.90 registered on 20 February 2020.Tata Motors (down 8.76%), Ashok Leyland (down 6.38%), Escorts (down 5.81%), SML Isuzu (down 4.96%), Eicher Motors (down 3.51%), Atul Auto (down 3.89%), Mahindra and Mahindra (down 2.76%), Bajaj Auto (down 2.26%), Hero MotoCorp (down 1.71%) and Maruti Suzuki India (down 1.21%) were top losers in auto segment.
India's automotive supply chain could get disrupted if the manufacturing activities in China continue to remain impacted owing to the coronavirus outbreak. India reportedly sources 27% of its auto components imports from China.
TVS Motor Company on Monday, 24 February 2020 estimated Coronavirus would lead to 10% drop in production for February 2020. The company added that Some Tier II suppliers have been impacted adversely which would lead to a 10% drop.
Meanwhile the Nifty 50 index tumbled 331.65 points or 2.85% to 11,301.65 on back of weak global cues.
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