The CNX Auto index is in a swathe of red with most of the stocks—both two wheeler and four-wheeler manufacturers—coming under heavy selling pressure in the wake of general lacklustre performance of the auto industry during March.
Bajaj Auto, which announced a 11 per cent drop in total sales during March was the biggest loser among vehicle manufacturers. Hero MotoCorp, that reported a similar drop in sales, is also close to its 52-week low.
Bajaj Auto shed Rs 28.80 to move down to Rs 1,752.50 after the company announced that the overall sales fell by about 11 per cent in March this year compared to the corresponding period in the previous year. The stock has been steadily losing value after touching a 52-week high of Rs 2,229 on January 3. Maruti, the largest car maker in the country, which is to come out with its March numbers today. escaped the overall industry pessimism gaining Rs 20.40 to move up to Rs 1,304.20, emerging along with Eicher Motors, as the biggest gainers among the auto pack in the first 90 minutes of trading today.
Hero MotoCorp, which showed a 11 per cent drop in sales in March, was down by Rs 1.25 at Rs 1,532. But it came very close to its 52-week low of Rs 1,515.95 that it had touched on March 28 when it fell to a low of Rs 1,518.30 today morning before pulling back. Tata Motors slipped to Rs 261.75, down by Rs 3.75. M&M also was in the red, down by Rs 2.95 at Rs 854.15. Eicher Motors was in the green, up by Rs 23.15 at Rs 2575.
Other than Amara Raja, Bharat Forge and Exide, all other auto components/accessories makers were down albeit marginally, barring MRF which shed Rs 43.90 to Rs 12,029.
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