Auto stocks were down in morning trade on Thursday in the wake of the steep petrol price hike. However, there appears to be subtle differences in the severity of the impact, with some bucking the trend.
While two-wheeler stocks in general came under pressure, Hero MotoCorp, which has a significant presence in the fuel-efficient, lower-powered motorcycle segment, was affected less than Bajaj Auto.
Similarly, while Maruti Suzuki, which has a larger share of sales coming in the petrol models took a hit, M&M and Tata Motors that have larger presence in the diesel powered vehicles were spared of any carnage.
Bajaj Auto shed Rs 24.05 to trade at Rs 1,463.05 and Maruti Suzuki was down by Rs 24.30 at Rs 1126.95. But Hero MotoCorp lost only Rs 11.15 to trade at Rs 1,815.05.
Buck negative trend
Mahindra & Mahindra moved up by Rs 2.50 to Rs 646.45, Tata Motors was trading at Rs 261.85, a gain of Re 0.20.
Heavy vehicle manufacturer Ashok Leyland shed just 15 paise at Rs 24.10.