Auto shares traded under pressure on Monday with the benchmark Nifty Auto slipping almost a percent in early trade as November sales numbers showed no signs of recovery.
As many as 13 shares out of 15 listed on on the sectoral gauge declined with Eicher Motors, Motherson Sumi, TVS Motor, Tata Motors, Ashok Leyland, Mahindra & Mahindra and Hero MotoCorp falling between 1-2 percent.
Eicher Motors shares fell almost 2 percent as the company reported monthly Volvo Eicher Commercial Vehicles (VECV) sales at 3,594 units vs 4,720 units YoY, showing a sharp decline of nearly 24 percent. Eicher is the parent company of Royal Enfield.
Tata Motors fell over a percent as the Tata Group automobile company's total domestic sales in November fell 25 percent to 38,057 units from 50,470 units in November 2018.
Mahindra and Mahindra (M&M) reported a 9 percent fall in its total sales in November, on a year-on-year basis. The company's shares traded 1.16 percent lower. In a regulatory filing, the company said that it sold 41,235 units, including exports, last month, compared to 45,101 vehicles sold during the same period last year.
In the passenger vehicles segment which includes utility vehicles, cars and vans, M&M sold 14,637 vehicles in November 2019, 10 percent lower than 16,188 vehicles recorded in November 2018. The sale of its commercial vehicles fell 12 percent to 17,384 units, it said.
Maruti Suzuki shares also traded in the red after India's largest automobile maker reported nearly 2 percent dip in its total sales in November at 1.5 lakh units. The company's sales numbers were higher than CNBC-TV18 poll of 1.47 lakh units.
Bajaj Auto dipped half a percent in early trade with the two and three-wheeler company's total sales in November coming in at 4 lakh units, exceeding expectations from a CNBC-TV18 poll of 3.96 lakh units. But the company's total sales fell 13.6 percent on YoY basis. Bajaj Auto sold 4.63 lakh units a year ago during the same period.
On the brighter side, the company's November export sales at 1.95 lakh units is its highest ever in a month, rising 14 percent on YoY basis. In November 2018, it stood at 1.72 lakh.
At 9.45 am, Nifty Auto traded at 8,075, down 0.13 percent, after opening at 8,070. It touched the day's low at 8,003. So far this year, Nifty Auto has corrected a little over 12.5 percent.
Also, catch all the latest market action and updates with CNBC-TV18.com's blog.