Auto stocks fall up to 3 pc after SIAM's sales data

Auto stocks fell up to 3 per cent Wednesday after SIAM data showed that domestic passenger vehicle (PV) sales declined for the eighth consecutive month in June.

Shares of Tata Motors fell 2.79 per cent, Bharat Forge declined 2.41 per cent, TVS Motor Company fell 2.12 per cent, Mahindra & Mahindra ended down 1.77 per cent and Hero MotoCorp fell 1.68 per cent on the BSE.

Scrip of Bajaj Auto fell 1.54 per cent, Eicher Motors declined 1.39 per cent, while Maruti Suzuki India ended down 0.31 per cent.

Led by losses in these scrips, the BSE auto index fell 1.07 per cent to close at 16,948.23.

Continuing the unprecedented slump in automobile sector, domestic PV sales declined for the eighth consecutive month in June, prompting the industry to seek concrete policy steps from the government to arrest de-growth and check job losses.

According to the data released by the Society of Indian Automobile Manufacturers (SIAM), all vehicle categories witnessed decline in sales last month.

PV sales dropped by 17.54 per cent to 2,25,732 units in June 2019 from 2,73,748 units in the year-ago period. Similarly, domestic car sales were down 24.97 per cent to 1,39,628 units as against 1,83,885 units in June 2018.