NEW DELHI: Auto shares were trading on a mixed note in Friday’s afternoon session after India’s passenger vehicle sales slipped 23.7 per cent in September.
This was the 11th straight month of declines, prompting the industry body to flag more job cuts if sales failed to pick up soon.
“Passenger vehicle sales dropped to 223,317 units in September, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales dived 33.4% to 131,281 units,” a report said.
SIAM’s data comes as the domestic automobile industry faces a crippling slowdown in demand that has led to production cuts and thousands of job losses. The industry is seeing its longest ever streak of sales decline, the report added.
The Nifty Auto index was trading 0.05 per cent up at 7363.25 around 01:50 pm.
Shares of Tata Motors (up 2.10 per cent), Maruti SuzukiNSE 1.41 % India (up 1.17 per cent), MRF (up 0.82 per cent) and TVS Motor Company (up 0.69 per cent) were trading in the green.
Mahindra & Mahindra (down 1.83 per cent), Bosch (down 1.48 per cent), Bharat Forge (down 1.46 per cent) and Amara Raja Batteries (down 0.76 per cent) were among the top losers in the index.
Benchmark NSE Nifty50 index was up 39.15 points at 11,273.70 while the BSE Sensex was up 137.76 points at 38,018.16.
Among the 50 stocks in the Nifty index, 30 were trading in the green, while 20 were in the red.
Shares of YES Bank, Vodafone Idea, Indiabulls Housing Finance, SBI, Tata Motors, RBL Bank, Bank of Baroda, SAIL, Ashok Leyland and JSPL were among the most traded shares on the NSE.