Indian Auto Company Shares Drop Amid Slower Sales Growth in September
Shares of major Indian automobile companies fell following weaker-than-expected sales data for September, reversing a strong performance from the previous month when industry-wide records were set. Bajaj Auto saw its stock drop over 8% after reporting an annual decline in domestic two-wheeler sales by 12%. Maruti Suzuki and Mahindra & Mahindra also experienced declines of more than 2% and 3%, respectively, despite some growth compared to the prior year. The slowdown contrasts with robust August figures where passenger car, three-wheeler, and two-wheeler sales reached record levels. Analysts had anticipated strong September performance due to festive demand, but early data suggests a moderation in momentum. The Society of Indian Automobile Manufacturers (SIAM) previously highlighted the industry's growth phase as a key indicator for India’s economic resilience amid global challenges.
Topics: automotive sales_data stock_market