The rather lower-than-expected growth in December 2011 sales of vehicles by Bajaj Auto saw the scrip skid 4.88 per cent in the early hours of trading, the first day of trading in the new year.
The Bajaj Auto shares lost Rs 77.80 to trade at Rs 1,515, a loss of 4.88 per cent, on the BSE at 10.40 a.m.
It is not that the numbers were bad considering the challenging market environment. Bajaj Auto sold 2,63,699 motorcycles in December 2011 compared with 2,43,675 vehicles a year ago in the same period, a growth of 8 per cent. The commercial vehicles' sales were 41,991 vehicles (33,128), up 27 per cent.
The overall sales of vehicles at 3,05,690 (2,76,803) showed a more modest 10 per cent growth, which probably was below the market expectations. But in all the three categories, the company recorded its best December month performance ever.
In exports also, the overall figure of 1,19,708 vehicles was a 25 per cent increase over the corresponding period in 2010 at 95,388 vehicles. The individual export figures were not available but this was also the best ever December for the company whose vehicle sales crossed the magical figure of 1 million vehicles a quarter for the third time in a row.