Bajaj Auto's festive sales warning drags rivals, auto ancillaries

MRF

17/10/2024 06:28

** Shares of Indian motorcycle maker Bajaj Auto  BAJA.NS 
fall 10% to 10,401 rupees; set for their worst day since March
2020, if losses hold 
    ** Fall after BAJA's weak festive sales growth outlook at
just 3%-5% against industry expectations of at least 8%
    ** BAJA top pct loser on Nifty auto index  .NIFTYAUTO  and
Nifty 50 index  .NSEI , which are down 2.8% and 0.5%,
respectively
    ** Forecast drags rivals Hero MotoCorp  HROM.NS  and TVS
Motor  TVSM.NS  down 3.7% and 4.7%, respectively
    ** Nifty auto index set for worst day since early Aug 
    ** Tyre-makers CEAT  CEAT.NS , MRF  MRF.NS  and Apollo Tyres
 APLO.NS  fall between 0.4% and 2%.
    ** Battery makers Exide Industries  EXID.NS  and Amara Raja
Energy & Mobility  AMAR.NS  fall ~2% each
    ** Auto-focussed lender Shriram Finance  SHMF.NS  falls 1.6%


 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))