Nifty Auto down 2% led by TVS Motors, Hero MotoCorp, Amara Raja Batteries, Apollo Tyres

Shares of TVS Motors, which dropped 4%, were leading the index’s fall.

Jun 19, 2019 09:06 IST India Infoline News Service

The Nifty Auto Index declined 2% on Wednesday as selling pressure was seen in TVS Motor, Hero MotoCorp, Amara Raja Batteries, Apollo Tyres, and Tata Motors.

Shares of TVS Motors, which dropped 4%, were leading the index’s fall. Shares of Hero MotoCorp, Amara Raja Batteries, Apollo Tyres, and Tata Motors also contributed to the fall, declining 3% each.

Shares of M&M, Exide Industries, and Bajaj Auto also dropped 2% each.

Shares of  M&M declined after Mahindra & Mahindra Ltd. (M&M), part of the USD 20.7 billion Mahindra Group, announced that effective July 01, 2019, the price of its range of personal vehicles will increase by up to Rs36,000 across models. This price increase is due to the implementation of AIS 145 Safety Norms across all passenger vehicles in India, the company said in the filing.

Shares of Ashok Leyland, Bharat Forge, and Bosch also fell 1% each.

Meanwhile, equity benchmark indices erased its morning gains and turned red with the Sensex declining 13 points at 39,033 levels. The Nifty slipped 16 points to trade at 11,675 levels, well below its key level of 11,700.    

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