Nifty Auto stocks continue to underperform; Index plunges over 3% amid weak markets; Ashok Leyland, Maruti, Hero MotoCorp top losers

4 Mar 2022 , 12:05 PM

Nifty Auto stocks continued to fall amid weak markets on Friday. Sensex slipped deep into red. Banks, auto and consumer durables stocks were the worst hit. Maruti Suzuki India and Hero MotoCorp continued to slip after February sales data. Ashok Leyland, TVS Motor Company, Mahindra & Mahindra, Eicher Motors and Tata Motors were also under selling pressure.

Auto stocks have seen a decline over a few days over rising Oil prices and supply-chain issues globally.

Fears over Russian shelling at Europe’s biggest nuclear plant in Ukraine weighed on the market sentiment as domestic stocks tumbled in tandem with sharp cuts seen in US index futures and Asian markets.

At around 12.05 pm, BSE Sensex was trading at 54,268.80 down 833.88 ponts or 1.51% and Nifty50 at 16,240.15 down 257.90 points or 1.56%. Nifty Auto was trading at 9,953.45 down 307.65 points or 3%, touching a high of 10,161.15 and low of 9,854.35 during intraday trade on Friday.

Ashok Leyland was the worst hit, plunging 5.5% at Rs104.15 per piece. Maruti continued to tumble after the company reported a drop in total wholesales in February. The company stock fell nearly 5% at Rs7,227.05 per piece.

Hero MotoCorp also continued to plunge after the company reported a 29% decline in total sales in February. The company stock was 3.4% lower at Rs2,335.80 per piece. 

TVS Motor Company sank 3.1% at Rs567.40 per piece while Tata Motors also underperformed at Rs423.85 per piece, down 3%. Mahindra & Mahinbra (down 2.88%) and Eicher Motors (down 2.5%) also were under selling pressure. 

MRF was trading flat as the Index had all the 15 declines on Friday.