Auto stocks on February 10 registered a massive fall due to the widespread impact of coronavirus and weak January sales data.
Mahindra & Mahindra fell over 5 percent after it reported 72.8 percent year-on-year decline in profit in its Q3 results.
Auto ancillary Motherson Sumi Systems' December quarter earnings were lower than estimates with profit falling 30.5 percent YoY and margin contracting 100bps YoY. The stock sank 6 percent.
Bharat Forge also dropped over 6 percent after a 59 percent YoY decline in profit and 36 percent in revenue for quarter ended December 2019.
Among others, Eicher Motors, Tata Motors, Exide Industries, Hero MotoCorp, Apollo Tyres, Amara Raja Batteries, TVS Motor and Bosch were trading in the red while the Nifty Auto index slumped 2.5 percent.
The rising death toll (more than 900) and infected cases (more than 40,100 people) in China due to wide spreading coronavirus forced shut down of several manufacturing units, which ultimately impacted lot of global companies as they either source materials from China or exports to world's largest economy, including auto and ancillary companies.
The fall in January vehicle sales also caused selling pressure in auto stocks.
Domestic passenger vehicle sales declined 6.2 percent to 2,62,714 units in January, the data from automobile industry body Society of Indian Automobile Manufacturers (SIAM) showed today.
Car sales in January dropped 8.1 percent to 1,64,793 units, while motorcycle sales declined by 15.17 percent to 8,71,886 units compared to year-ago.
Total two-wheeler sales in January slipped 16.06 percent to 13,41,005 units YoY.
SIAM said sales of commercial vehicles were down 14.04 percent to 75,289 units in January 2020.
Vehicle sales across categories registered a decline of 13.83 percent to 17,39,975 units from 20,19,253 units in January 2019, it added.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!