Auto stocks decline post NITI Aayog's directive on electric vehicle

So far in 2019, the Nifty auto index has slipped 14 per cent as against a 7 per cent rise in the Nifty50 index.

Shares of two and three wheeler auto-makers like TVS Motors and Bajaj Auto came under heavy selling pressure during the morning deals on Monday after the government think-tank NITI Aayog gave the industry a deadline of two weeks to come up with a plan to switch to electric vehicles (EVs). 
 

The government intends to ban internal-combustion powered two and three wheelers by 2023 and 2025, respectively which has resulted in an impasse between the two stakeholders.
 

At 10:25 am, the Nifty Auto index was trading at 7,782 levels, down 1.1 per cent. The index slipped as much as 1.35 per cent