maruti suzuki shares: Eicher Motors shares fall over 4%, Maruti Suzuki 3%. Here’s why

Shares of Eicher Motors tanked over 4% to the day’s low of Rs 3,303 on the NSE on Tuesday while Maruti Suzuki shares fell 3% to the day’s low of Rs 10,324 following the September sales numbers by both the Nifty companies.

Eicher, which manufactures the popular motorcycle brand Royal Enfield reported a 4% month-on-month decline in its September 2023 motorcycle sales numbers at 78,580 units versus 82,097 units reported by the company in the year-ago period. Though the numbers were up 16% year-on-year (YoY) on the financial year-to-date (YTD) basis (April-September). The exports also suffered going down by 29% YoY in September and 49% on financial YTD.

Maruti Suzuki India’s (MSI) best-ever monthly total wholesales numbers failed to spark the buying interest in the counter as the stock saw profit booking amid selling pressure in most of the Nifty Auto stocks. The company on Sunday reported an increase of 3% YoY sales to 181,343 units in the month gone by. The country’s largest carmaker had dispatched 176,306 units to dealers in the same month last year.

The Nifty auto index was one of the worst performing sectors and fell 0.87% and was trading at 16,042.85. In the 15 stock index only three advanced at 10:15 pm while the remaining declined.

The gainers were Ashok Leyland, Mahindra & Mahindra and TVS Motor Company and were up 1.24% and 0.45% around this time.

Ashok Leyland reported September total M&HCV sales at 12,752 units versus 11,314 units in the year-ago period September total vehicles sold were 19,202 units. Meanwhile, M&M reported a 17% YoY growth in overall auto sales at 75,604 units in September 2023. TVS Motor Company reported a 6% YoY increase in total sales to 402,553 units in September.

The other stocks which fell were Balkrishna Industries, Hero MotoCorp, Tata Motors, Bharat Forge, Bosch, Sona BLW Precisions, Samvardhana Motherson, MRF, Bajaj Auto and Tube Investments of India which fell between 2.79% and 0.05%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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