Auto stocks drop up to 4% on disappointing Aug sales data

Auto stocks fell up to 4.2 per cent Tuesday after domestic passenger vehicle sales declined for the second month in succession.

Shares of Apollo Tyres tumbled 4.17 per cent, Hero MotoCorp declined 3.06 per cent, Tata Motors lost 3.03 per cent, TVS Motor Company 2.64 per cent, Ashok Leyland 1.73 per cent, Maruti Suzuki India 1.56 per cent and Bajaj Auto 1.24 per cent on BSE.

Led by losses in these stocks, the BSE auto index fell 1.52 per cent to end at 23,903.70.

Domestic passenger vehicle sales declined for the second month in succession with 2.46 per cent drop in August due to high base effect and partial impact of floods in Kerala, automobile industry body SIAM said Tuesday.

According to data released by SIAM, domestic passenger vehicle sales stood at 2,87,186 units last month as against 2,94,416 units in August 2017.

Car sales declined 1.03 per cent to 1,96,847 units last month as against 1,98,892 units in August last year.