Automobile companies released their sales results for the month of August at the beginning of this week and almost all the vehicle makers reported a strong slump in their numbers.
Overall, domestic passengers sales in the country fell by 30.9 percent on a year-on-year basis to 1,95,558 units in the month of August, the tenth consecutive fall in monthly sales in the sector.
According to the company's stock exchange filing, its domestic sales fell by a massive 50 percent to 8,296 units in August.
Shares of Ashok Leyland were trading slightly higher at Rs 64.85 apiece and touched a low of Rs 61.80 during the day on NSE.
The Pune-based automaker sales were down by 11 percent to 3.9 lakh units.
Shares of Bajaj Auto Ltd were fluctuating between losses and gains touching an intraday low and high of Rs 2,760.20 and Rs 2,805.10 on Tuesday.
Royal Enfield's total sales were down by 24 percent to 52,904 units, however, exports rose by 205 percent to 4,152 units.
Shares of Eicher Motors fell by 2.8 percent to Rs 15,800.
Total sales of the country's largest carmaker fell by 33 percent to 1,06,413 units. Its domestic sales saw a slump of 34 percent to 97,061 units and its export sales lowered by 10.8 percent to 9,352 units.
Maruti Suzuki's shares slipped by as much as 1.9 percent in the morning trade to Rs 6,002.25 apiece.
Mahindra & Mahindra
The company's total sales were 25 percent down to 36,085 units in August 2019, when compared to the same month a year ago. Its domestic sales dropped 26 percent to 33,564 units and export sales fell by 15 percent to 2,521 units.
Shares of Mahindra and Mahindra fell by 3 percent to an intraday low of Rs 513 apiece.
The company has been in the news for announcing its 55 percent stake acquisition in the shared mobility company Meru Cabs. It would be investing Rs 201.5 crore in the acquisition that is scheduled to be completed in multiple tranches.
The two-wheeler maker sales were down by 21 percent in August to 5,43,406 units.
Shares of Hero MotoCorp were fluctuating between losses and profits, hitting an intraday low and high of Rs 2,565 and Rs 2,619.95, respectively.
Its commercial vehicle sales dropped by 45 percent to 21,824 units and passenger vehicle sales plummeted by 58 percent to 7,316 units.
Shares of Tata Motors fell by 4.7 percent in trade on Tuesday to Rs 111.20 apiece.
The Nifty Auto Index was trading lower at 6,926.55 on Tuesday afternoon, which is 1.18 percent lower than its previous closing.
Some analysts are hopeful of the sector's revival in the next 6 to 12 months as some brands are going through a cyclical slowdown after being major wealth creators for its investors. Further, the government recently provided clarity on the BS-VI transition, reduced the depreciation and announced other measures to kick-start growth in the sector.