Auto stocks skid; Maruti Suzuki, Hero MotoCorp, TVS Motor hit 52-week low

With no major direct measure to revive demand growth for the sector being announced in the Union Budget for the financial year 2019-20, stocks of the auto-makers skid to new lows

Shares of automobile manufacturers, including auto ancillary companies, were reeling under pressure with the Nifty Auto index hitting 52-week low on Monday after no major direct measure to revive demand growth for the sector was announced in the Union Budget for the financial year 2019-20 (FY20).

At 09:30 am, the counter was the biggest loser among sectoral indices and was trading 2.6 per cent lower at 7,646 mark, In comparison, the benchmark Nifty 50 index was down 1.1 per cent. The auto index hit a 52-week low of 7,634 during intra-day trade today. It has fallen below its previous low