Auto stocks recover some of early losses

Auto stocks today recovered some of their early losses after the National Green Tribunal agreed to hear a plea seeking modification of its order which said that diesel-run vehicles will not be registered in Delhi in the wake of alarming pollution levels in the city.
Shares of Tata Motors that plunged 4.61 per cent to touch a low of Rs 360.50 during the day later pared most of the losses to end at Rs 371.70, still down 1.65 per cent on BSE.
Mahindra & Mahindra, which fell sharply by 2.63 per cent in day trade, settled with a gain of 1.96 per cent at Rs 1,287.

Shares of Maruti Suzuki India also ended with 1.97 per cent gains at Rs 4,569.80.
The BSE auto index settled at 17,893.03, up 0.40 per cent.
Auto stocks had fallen by up to 3 per cent on Friday following the order.
As an interim measure, the Tribunal had ordered that diesel-run vehicles will not be registered in Delhi and there will be no renewal of registration of such vehicles which are more than 10-year-old.
Senior advocate Pinaki Mishra, appearing for Delhi-based car dealers, sought modification of the order on the ground that diesel cars which were manufactured in 2015 should be allowed be sold as the existing stock would become obsolete by next year.