Maruti Suzuki, Hero Moto, Eicher Motors, among other auto stocks fall; Nifty Auto down over 1%

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Maruti Suzuki, Hero MotoCorp, Tata Motors, Bajaj Auto fell anywhere between 1% to 3%. Decline in auto stocks dragged Nifty Auto index over 1% lower. The index was also the top sectoral loser on NSE.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) In the month of September, passenger vehicle (PV) sales and tractor sales disappointed while commercial vehicle (CV) sales came as a surprise. Domestic two-wheeler wholesales grew 3% YoY while exports remain a mixed bag as per OEMs. Demand for Utility Vehicles remained strong but entry level models continue to display weakness for PVs; overall growth was 4% YoY.

Dispatches for CVs surprised as they grew 23.5% YoY for MHCVs while LCVs remained flat YoY. Tractor volumes declined 11% YoY. Also Read: Vedanta share price jumps over 4% on demerger plan; analysts positive for long-term, caution on high debt Among stocks, Eicher Motors share price witnessed a sharp drop after the company’s motorcycle sales declined in September.

The company’s Royal Enfield motorcycle sales fell 4% YoY in the domestic market, while exports plunged 49% YoY. The company’s total commercial vehicle sales increased 8.6% YoY last month. The largest passenger car manufacturer in the country, Maruti Suzuki’s total wholesales last month increased marginally 2.8% YoY to 181,343 units.

Tata Motors reported a 2% rise in its total domestic vehicle sales at 82,023 units in September. Its passenger vehicle sales in the domestic market, including electric vehicles, were down 6% YoY at 44,809 units. Hero MotoCorp reported total sales of 5,36,499 units last month, registering a YoY growth of 3%, while Bajaj Auto