India's auto stocks slide to four-month low as investors assess September sales, weak monsoon
BUZZ-India's auto stocks slide to four-month low as investors assess September sales, weak monsoon ** India's auto stocks .NIFTYAUTO drop as much as 3% to four-month low of 25,507.2
** Down 4.8% for the week, setting stage for eighth straight weekly drop
** September auto sales, weak monsoon season weigh
** Bajaj Auto BAJA.NS tumbles 7.1% to lead losses on auto index and benchmark Nifty 50 .NSEI
** BAJA's September sales in India fell 9% y/y, with domestic two-wheeler sales dropping 12%
** Eicher Motors EICH.NS, TVS Motor TVSM.NS also down 2.7% and 1.9%, respectively
** Passenger vehicle makers Maruti Suzuki India MRTI.NS and Mahindra and Mahindra MAHM.NS down 1.6% each
** India records its lowest monsoon rainfall in more than a decade during June-September season as El Niño weather pattern dampens precipitation, a senior weather department official told Reuters on Wednesday
** Rural demand will likely face multiple headwinds of below-normal monsoon, El Niño, and product price increases, Nomura says
** YTD, auto index down 9.1%, vs Nifty 50's 13.7% slide
(Reporting by Vivek Kumar M)
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India's auto stocks slide to four-month low as investors assess September sales, weak monsoon