Tata Motors falls most among Sensex and Nifty companies, down by 4%: Here’s why

Tata Motors shares dropped by 4.18% to ₹842 at 12 pm IST on Tuesday, October 29, 2024 on the Bombay Stock Exchange (BSE).

Also Read: ‘I think I should listen to you’: German Vice Chancellor to Piyush Goyal on China blocking tunnel boring machine sale

The sell-off is indicated with the NSE Auto index falling 2.16% as at 12 pm IST with all the included companies in the red except for Eicher Motors Ltd and Apollo Tyres ltd.

What caused the sell-off in auto shares?

The sell-off was triggered by news implying that the auto industry’s slowdown seems to be continuing, with the Federation of Automobile Dealers Associations (FADA) announcing that September 2024 personal vehicle retail sales declined by almost 19% compared to September 2023.

Also Read: Bank holiday: Are banks open or closed on Dhanteras 2024? See details and holiday list

The factors attributed to this was shraddh, pitrapaksha, heavy rainfall and a sluggish economy which pushed inventory levels to a historic high of 80-85 days in September.

As for Tata Motors itself, the company declared its total sales falling by about 12% to 2.15 lakh units in the second quarter of the financial year 2024-25, compared to 2.43 lakh units during the same quarter of the previous year.

Also Read: Dhanteras 2024 Shubh Muhurat: Best time to buy gold and silver as per your city

Stay updated with the…

See more