At around 1.45 pm, Nifty Auto was trading at 9,528.65 lower by 280.30 points or 2.86%.
The index has touched an intraday high and low of 9,562.95 and 9,395.25 respectively.
Bharat Forge and Ashok Leyland were top underperformers of the index tumbling by 3.7% each.
However, heavyweights dragged the index most. Bajaj Auto and Eicher slipped by 3.3% each, while Hero Motocorp dived by 3.2%.
Motherson Sumi and Tata Motors plummeted by more than 3% each. Bosch and Exide tumbled by 2.9% each.
MRF dropped by 2.7%, while Maruti Suzuki and M&M slumped by 2.5% each. TVS Motor plunged 2.4%.
Last week, Maruti informed that the Company is increasing the price for select models owing to an increase in various input costs. The weighted average price increase in Ex-Showroom Prices (Delhi) across models is 1.6%.
Among the latest auto companies to announce their Q4 result will be TVS Motor and Bajaj Auto. TVS Motor will announce its Q4 result on April 27, while Bajaj Auto is set to present its financial performance for the quarter on April 29, 2021.
Meanwhile, on Nifty Auto, Amara Raja Batteries and Balkrishna weakened by 1.3% and 0.7% respectively.