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    Home / News / Business News / Why major Indian auto stocks are trading in red today
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    Why major Indian auto stocks are trading in red today
    The Nifty Auto index fell by over 1%

    Why major Indian auto stocks are trading in red today

    By Dwaipayan Roy
    Oct 03, 2023
    01:56 pm

    What's the story

    Major auto stocks, such as Maruti Suzuki, Hero MotoCorp, Eicher Motors, and Tata Motors, saw a dip in share prices after announcing their September automobile sales.

    Eicher Motors' share price took the biggest hit with a decline of over 4%, while other companies' stocks dropped between 1% to 3%.

    This slump affected the Nifty Auto index, which fell by over 1%, making it the top sectoral loser on the NSE.

    Details

    Mixed results in September auto sales

    September's auto sales brought a mixed bag of outcomes, with passenger vehicle (PV) and tractor sales underperforming. However, the commercial vehicle (CV) sales surpassed expectations.

    Domestic two-wheeler wholesales rose by 3% YoY, and utility vehicle demand stayed robust.

    However, entry-level models for PVs continued to show weakness, leading to an overall growth of 4% YoY. In contrast, tractor volumes decreased by 11% YoY.

    What Next?

    Eicher Motors hit by motorcycle sales decline

    Eicher Motors's share price dropped significantly after the company revealed a decline in motorcycle sales for September.

    Royal Enfield, which is owned by Eicher Motors, saw motorcycle sales decrease by 4% YoY, while exports plummeted by 49% YoY.

    On a positive note, Eicher Motors's total CV sales increased by 8.6% YoY last month. The company's stock is currently trading at Rs. 3,341.40 per share on the NSE (down 3.06%).

    Insights

    Other major auto companies' September sales

    Maruti Suzuki reported a slight increase of 2.8% YoY in total wholesales last month. It is now trading at Rs. 10,384.80 per stock (down 2.13%).

    Tata Motors experienced a 2% rise in total domestic vehicle sales, but its passenger vehicle sales were down by 6% YoY. It is trading at Rs. 621.20 (down 1.43%).

    Hero MotoCorp registered a YoY growth of 3% with total sales of 536,499 units in September. It is trading at Rs. 3,026.35 (down 1.01%).

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