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Auto Stocks Drag Indices Lower After Niti Aayog Directive On EV Transition Plan


In Monday's trade, auto stocks led the losses for the benchmark indices after the think tank Niti Aayog gave a 2 weeks deadline to auto makers to present their transition plan to electric vehicle. And on the directive, auto stocks decline heavily with huge selling pressure being witnessed.

Auto Stocks Drag Indices Lower After Niti Aayog Directive

Among the pack, TVS Motors, Motherson Sumi and Bajaj Auto registered the steepest losses, shedding 4.5 per cent, 3.5 per cent, and 2.04 per cent, respectively. TVS Motors hit a 52-week low of Rs 428.45 on NSE.

Hero MotoCorp, Eicher Motors and Maruti Suzuki, too, slipped up to 1% each.

And the directive has been opposed auto makers and they see it to further disrupt the markets when the sector has seen sales slump to nearly 20 years low. And for the same, the industry has demanded a 4 months' time to come up with the plan.

Story first published: Monday, June 24, 2019, 13:23 [IST]
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