Mahindra & Mahindra share prices have fallen over 4 per cent as its tractor sales disappointed for the fourth straight month. It has declined to 15,316 units in February from 19,041 units in the same month last year.
As of 2.18 pm, M&M shares were trading 4.63 per cent lower at Rs 674.90 on the Bombay Stock Exchange. It was expected to sell 20,000 tractors this month.
However, M&M has witnessed a 29 per cent rise in its overall auto sales numbers, exceeding street expectations. It sold 43087 units during February 2012 as against 33378 units during February 2011. M&M was expected to post a 18.40% year on year growth.
The company's overall domestic sales stood at 40,461 units during February 2012, as against 31967 units during February 2011, an increase of 27 per cent. The Passenger Vehicles segment (which includes the UVs and Verito) has registered a growth of 33 per cent. It sold 20,573 units in this segment in February 2012, as against 15,439 units last year.
The 4-wheeler commercial segment which includes the passenger and load categories has registered a growth of 37 per cent at 13522 units in February 2012. Exports for the month have also grown by an impressive 86 per cent.
“While the XUV500 continues to create excitement in the market, the recently launched New Xylo has also evoked a very positive response from customers,” Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said.
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