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Auto stocks slump up to 12.5 pc as lockdown-hit automakers score nil domestic sales in April

Business Finance

Press Trust of India  |  New Delhi 

Auto stocks on Monday plunged up to 12.5 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time ever in April after the nationwide lockdown halted output and shut sales network.

Shares of Motherson Sumi Systems plummeted 12.51 per cent, Tata Motors tanked 9.88 per cent, Maruti Suzuki India 8.75 per cent, Apollo Tyres 7.69 per cent and Hero MotoCorp 7.61 per cent on the BSE.

Bajaj Auto dropped 7.12 per cent, Eicher Motors 6.45 per cent, Ashok Leyland tumbled 5.73 per cent, TVS Motor Company 5.20 per cent and Mahindra & Mahindra 2.66 per cent. The BSE Auto index fell by 6.88 per cent.

Maruti Suzuki India, Hyundai Motor India Ltd, Mahindra & Mahindra, Toyota Kirloskar Motor and MG Motor India reported nil sales as they suspended operations even before the imposition of lockdown on March 25, to check the spread of coronavirus.

Maruti Suzuki, which produces more than half of the cars running on Indian roads, said it did not sell any vehicle in the domestic market in April.

Homegrown automaker M&M also reported zero sales of passenger and commercial vehicles in the domestic market. In two-wheeler segment, niche bike maker Royal Enfield said it had zero sales in the domestic market.

Bajaj Auto on Monday said it did not sell any two-wheelers or commercial vehicles in the domestic market in April.

The company, however, shipped 32,009 two-wheeler units to overseas markets last month, Bajai Auto said in a statement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, May 04 2020. 19:34 IST