Bajaj Auto shares tumble 6%, M&M hits 52-week low after September auto sales data. What went wrong?
Bajaj Auto moved lower.
· ET Stocks, Economic Times Markets
Shares of Bajaj Auto and Mahindra & Mahindra (M&M) came under pressure after their September auto sales data, with Bajaj Auto falling nearly 6% and M&M hitting a fresh 52-week low. Bajaj Auto reported a 12% decline in domestic two-wheeler sales, although a 34% jump in exports lifted overall two-wheeler sales by 5% year-on-year to 4.51 lakh units.
The analysis
Bajaj Auto reported movement of 6%, 5% and 12%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -2.0% on the day at ₹9,686.00, and has returned -4.4% over three months. It sits 22% below its 52-week high. The auto sector has moved -4.1% over the same period, so Bajaj Auto is running 0.3 points behind its peers.
For Bajaj Auto, the question is how much of this is already reflected in the price and how much re-rates the auto peer set alongside it.
Market context
- The company directly in focus is BAJAJ-AUTO.
- Sector exposure: Auto.
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