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Tata Motors falls most among Sensex and Nifty companies, down by 4%: Here's why

Oct 29, 2024 12:11 PM IST

Tata Motors shares dropped by 4.18% to ₹842 at 12 pm IST on Tuesday, October 29, 2024 on the Bombay Stock Exchange (BSE)

Tata Motors Ltd fell the most among all Sensex and Nifty companies due to a general sell-off in auto stocks.

The Tata Motors campus in Pimpri-Chinchwad.(HT)
The Tata Motors campus in Pimpri-Chinchwad.(HT)

Tata Motors shares dropped by 4.18% to 842 at 12 pm IST on Tuesday, October 29, 2024 on the Bombay Stock Exchange (BSE).

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The sell-off is indicated with the NSE Auto index falling 2.16% as at 12 pm IST with all the included companies in the red except for Eicher Motors Ltd and Apollo Tyres ltd.

What caused the sell-off in auto shares?

The sell-off was triggered by news implying that the auto industry's slowdown seems to be continuing, with the Federation of Automobile Dealers Associations (FADA) announcing that September 2024 personal vehicle retail sales declined by almost 19% compared to September 2023.

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The factors attributed to this was shraddh, pitrapaksha, heavy rainfall and a sluggish economy which pushed inventory levels to a historic high of 80-85 days in September.

As for Tata Motors itself, the company declared its total sales falling by about 12% to 2.15 lakh units in the second quarter of the financial year 2024-25, compared to 2.43 lakh units during the same quarter of the previous year.

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