Auto stocks slump nearly 12% as lockdown-hit automakers score nil domestic sales
- The BSE Auto index fell by 6.33% in early trade as car makers sold zero vehicles in the domestic market in April.
Auto stocks on Monday plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time ever in April after the nationwide lockdown halted output and shut sales network.
Shares of Tata Motors tanked 12.45 per cent, Motherson Sumi Systems shares plummeted 12.27 per cent, Apollo Tyres 9.45 per cent, Hero MotoCorp 8.34 per cent, Maruti Suzuki India 8 per cent on the BSE.
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Ashok Leyland tumbled 7.83 per cent, TVS Motor Company 7.16 per cent, Mahindra & Mahindra 6.95 per cent, Bajaj Auto 6.66 per cent and Eicher Motors 6.30 per cent.
The BSE Auto index fell by 6.33 per cent in early trade.
Maruti Suzuki India, Hyundai Motor India Ltd, Mahindra & Mahindra, Toyota Kirloskar Motor and MG Motor India reported nil sales as they suspended operations even before the imposition of lockdown on March 25, to check the spread of coronavirus.
Maruti Suzuki, which produces more than half of the cars running on Indian roads, said it did not sell any vehicle in the domestic market in April.
Homegrown automaker M&M also reported zero sales of passenger and commercial vehicles in the domestic market. In two-wheeler segment, niche bike maker Royal Enfield said it had zero sales in the domestic market.
