Auto stocks bleed as monthly sales continue to drop

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Auto stocks bleed as monthly sales continue to drop

Aug 01, 2019 12:35 IST

It’s looking like another washout month for the auto industry. The country’s largest carmaker Maruti said it sold 1.09 lakh units last month, a fall of 33.5 percent and the steepest fall since August 2012. Bajaj Auto said sales fell for the first time in 2 years, down 5 percent to 3.81 lakh vehicles last month. Numbers look distressing for the rural segment as well, with Escorts saying it sold 4,860 tractors in July, a decline of 13.4 percent. Monthly auto sales have tumbled between 17-20% since April, exacerbating a slump that has seen sales decline in 11 of the past 12 months.