Maruti, Tata Motors drag auto index lower

Stocks

oi-Sneha

By Sneha B K

Published: Friday, February 15, 2013, 10:49 [IST]

Maruti and Tata Motors dropped sharply for the second day in a row, affecting sentiments for auto and ancillary stocks.

Shares of Maruti Suzuki dropped for the second day after being dropped from the MSCI (Morgan Stanley Capital International) India. The deletion of Maruti Suzuki will come with effect from February 28. Shares were seen trading lower by 1.18% at Rs 1,467 on BSE at 10.38 am IST.

Tata Motors dropped after the company reported disappointing set of results with net profits for Q3 FY 2013 dropping 52 percent year-on-year to Rs 1,628 crore in the quarter. Stocks were down 1.42% at Rs 292 on BSE.

The negative trend was also seen in other auto stocks including Hero Motocop (-1.07%), Bajaj Auto (-1.32%) and Ashoka leyland (1.10%). BSE Auto index was trading lower by 0.89% at 10.40 am IST.

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