Auto stocks skid on inflation woes

With the high food inflation figures tempering the expectations of RBI stance on cutting interest rates over long-term, if not in the near-term, auto stocks came under renewed pressure in the markets today.

Maruti Suzuki led the losers pack shedding Rs 31 to trade at Rs 1,386. The stock had retraced after hitting a 52-week high of Rs 1,639.

Tata Motors was another stock to come under some selling pressure, losing Rs 4.70 at Rs 300. The counter registered a huge trading volume of about 56 lakh shares.

M&M also was another auto major to feel the heat, though like some of the other auto majors, it has witnessed significant appreciation in the past one year.

The stock shed Rs 6.15 to trade at Rs 910.70. Though it is down from its 52-week high of Rs 976, the stock has gained nearly 50 per cent from its yearly low of Rs 621.10 on the NSE.

In the two-wheeler space, Bajaj Auto and Hero MotoCorp also got into the losing mode. While Bajaj Auto was down by Rs 36.35 at Rs 1919.60, Hero MotoCorp shed Rs 12.90 to trade at Rs 1,665.