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business | IST

Egypt bans import of 3-wheelers; Bajaj Auto likely to get impacted

Mini

The government of Egypt plans to replace 3-wheelers with CNG mini vans and have proposed to scrap all 2.5 million 3-wheelers in the country. The stock of Bajaj Auto was hit today as Egypt accounts for 30-40 percent of Bajaj Auto's 3-wheeler exports.

The Bajaj Auto stock was under pressure today. CNBC-TV18 has learnt that the Egyptian government has banned the import of 3-wheelers into the country.
According to the government, 90 percent of 3-wheelers in Egypt do not have proper registration. They also plan to replace 3-wheelers with CNG mini vans and have proposed to scrap all 2.5 million 3-wheelers in the country.
Bajaj Auto is likely to be affected by this ban as 30-40 percent of the company’s 3-wheeler exports go to Egypt.
Replying to CNBC-TV18’s query, Bajaj Auto said that discussions are underway to ban 3-wheeler imports by Egypt. However, as of now no decree has been published.
Watch video for more.