M&M hits lowest level since April 2010, stock tanks 51% in a month

Covid-19, analysts say, will have an immediate short-term adverse impact on the automobile industry due to a decline in incomes and a slowdown in commercial activity.

Shares of Mahindra & Mahindra hit an over nine-year low of Rs 248, sliding 8 per cent on the BSE on Wednesday, on concerns that volumes could take a hit due to the spread of the coronavirus (Covid-19). On Tuesday, Prime Minister Narendra Modi imposed a nationwide 21-day lockdown in an attempt to stall the spread of the virus.

The stock of the automobile company was trading lower for the sixth straight day, and was trading at its lowest level since April 19, 2010. In the past one month, it has tanked 51 per cent, as compared to a 34 per