Nifty Auto dropped 1.9% on Tuesday, a day after most automobile makers reported softer sales figures for December. The gauge was down 1.5% by midday, with all constituents showing losses.
Eicher Motors Ltd. led the decline with a 3.86% fall, followed by Ashok Leyland Ltd. (3.36%) and TVS Motor Co. (3.3%). Mahindra & Mahindra Ltd., Sona BLW Precision Forgings Ltd., Samvardhana Motherson International Ltd., and Hero MotoCorp Ltd. fell between 0.4% and 2.9%.
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In comparison, the benchmark Nifty 50 was trading 0.51% lower as of 12:57 p.m.
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Auto Stocks Decline
Here's what analysts had to say about December auto sales:
BofA Global Research
December sales prints were soft, reflecting low seasonality, channel inventory destocking and base catch-up.
Personal vehicle dispatches moderated to 4.5% on year.
The tractor segment disappointed with a 17% decline due to a delay in the harvest season.
Two-wheelers are in recovery mode, with good domestic sales, even as exports take time to recover.
Eicher, Maruti Suzuki India Ltd., M&M, and Escorts are disappointed.
TVS Motor and Bajaj Auto Ltd. logged 25–30% sales growth YoY, while Eicher Motors was disappointed with two-wheeler sales.
BNP Paribas
Strong festive season sales continued in December.
PVs saw steady annual growth, while domestic two-wheelers logged strong growth on a weak base.
Tractor volumes declined by mid-double digits on weak agricultural activities in December.
Commercial vehicle volumes declined, but three-wheelers continued a solid growth trend.
Mahindra & Mahindra and Tata Motors Ltd. gained market share. Maruti Suzuki saw the highest market share loss.
Bajaj Auto and TVS Motor gained market share, while RE lost, as per the brokerage's calculations.
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