The NSE Nifty Auto fell to the lowest level in over four months on Tuesday, weighed by the decline in share prices of Tata Motors Ltd. and Bajaj Auto Ltd. The market cap of Nifty Auto companies declined Rs 4,649.5 crore to Rs 21.54 lakh crore as of 11:23 a.m.
The index plunged as Tata Motors Ltd. slumped to a 10-month low, and Bajaj Auto declined to the lowest level in over two months. The share price of Hero MotoCorp also fell to a five-month low, significantly impacting the index.
The Nifty Auto was down 2.28% at 23,418.20.
The NSE Nifty Auto index declined 2.77% to 23,300.25, the lowest level since June 5. The index witnessed the most intraday decline since Friday's session, when it slumped 3.31% to 23,519. On Monday, the Nifty Auto had recovered some of its losses but gave up all gains from Monday to extend its decline on Tuesday.
The index was trading 2.18% down at 23,444.15 as of 11:28 a.m., compared to a 0.59% decline in the NSE Nifty 50 index.
The Nifty Auto index rose 42.12% in 12 months and 25.75% on a year-to-date basis. The relative strength index was at 25.16.
Tata Motors was the top loser in the index with a 6% intraday fall. The stock price declined to Rs 825.70 apiece, the lowest level since Jan 29. The stock was trading 3.89% lower at Rs 844.30 apiece as of 11:28 a.m.
The second biggest lower was Bajaj Auto Ltd., which fell 3.71% to Rs 9,640.00 apiece, its lowest level since Aug. 12. It was trading 2.99% lower at Rs 9,712.00 as of 11:30 a.m.
Hero MotoCorp Ltd. was the third biggest loser, declining 2.99% to Rs 4,780.55 apiece, the lowest level since May 13. It was trading 2.44% down at Rs 4,807.50 apiece as of 11:30 a.m.
Eicher Motors Ltd. was the only stock in the Nifty Auto index that was trading on a positive note. The stock gained 2.31% to Rs 4,829.35 apiece, the highest level since Oct 21. It was trading 1.11% higher at 4,772.95 apiece as of 11:31 a.m.
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