Auto stocks decline up to 3.5 pc after August sales data

Auto stocks fell by up to 3.5 per cent on Tuesday following decline in their sales in August as the Indian auto sector continued to reel under one of the worst slowdowns in its history.

Shares of Tata Motors fell by 3.51 per cent, Mahindra & Mahindra declined 2.52 per cent, Maruti Suzuki India dropped 1.17 per cent, Bajaj Auto fell 0.91 per cent and Hero MotoCorp declined 0.54 per cent on the BSE.

Led by the fall in these scrips, the BSE auto index declined 1.64 per cent to close at 15,509.47.

Major automobile manufacturers including Maruti Suzuki India, Mahindra & Mahindra and Tata Motors on Sunday reported a high double-digit decline in their sales in August.

While Maruti reported a 33 per cent drop in August sales at 1,06,413 units, Tata Motors' passenger vehicles sales fell 58 per cent during the month under review.

Mahindra and Mahindra's (M&M) total sales dipped to 36,085 units in August as against 48,324 units in the corresponding month last year.

Bajaj Auto on Tuesday reported a 11 per cent fall in total sales at 3,90,026 units in August.