Two-wheeler giant Bajaj Auto announced lower-than-expected earnings for the quarter ending September 2024, with the stock sliding more than 13 per cent to a low of Rs 10,093 per share.
Most auto stocks followed, pushing the Nifty Auto Index below 25,000, down 3 per cent from yesterday's close of 25,909. Shares of rival Hero MotoCorp fell 5.5 per cent to its day low.
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For the second quarter, Bajaj Auto saw its consolidated net profit slip 31 per cent to Rs 1,385 crore from Rs 2,020 crore a year ago. Quarterly operations revenue rose 22 per cent to Rs 13,247 crore from Rs 10,838 crore in the same period a year ago.
Shares of Mahindra and Mahindra fell 3.5 per cent, while Maruti Suzuki slipped nearly 2 per cent and Tata Motors hit a low of 1.45 per cent at the end of the market day.
Hyundai’s India IPO oversubscribed
On its third and final day, the IPO of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, was booked 2.37 times, with subscriptions crossing 23.6 crore equity shares for 9.97 crore shares on offer. When markets closed on the second day of the issue, the Hyundai India IPO was already 42 per cent subscribed, according to NSE data.
