Mahindra & Mahindra shares drop nearly 4% on muted December sales

Shares of Mahindra & Mahindra Tuesday fell by nearly 4 per cent after the homegrown auto major reported 1 per cent increase in its total vehicle sales in December 2018.

The stock declined 3.75 per cent to end at Rs 773.60 on the BSE. Intra-day, it dropped 4.16 per cent to Rs 770.20.

On the NSE, shares of the company went down by 3.79 per cent to close at Rs 773.35.

The stock was the worst hit among the blue chips on both the key indices during the day.

Mahindra & Mahindra Tuesday reported 1 per cent increase in total vehicle sales at 39,755 units in December 2018.

The company had sold 39,200 units in December 2017, Mahindra & Mahindra (M&M) said in a statement.

Domestic sales were, however, down by 1 per cent at 36,690 units last month from 36,979 units in December 2017, it added.

Passenger vehicle sales during the month were at 15,091 units as against 15,543 units in the year-ago month, down 3 per cent.