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Monday, July 23, 2018

Auto stocks fall ahead of Budget

It is said there might be an increase in excise duty,besides new levy on diesel cars.

Written by Agencies | Mumbai | Published: March 16, 2012 11:32:06 am

Auto stocks,led by Tata Motors,fell by over 2 per cent on the BSE today ahead of the Union Budget as investors feared higher taxes on the sector.

Shares of Tata Motors fell 2.21 per cent to an early low of Rs 283 on the BSE,thus becoming the top loser among the Sensex blue-chip firms.

The broader market,however,was trading higher.

Maruti Suzuki was another laggard,shedding 2 per cent to a low of Rs 1,338.

Market players said there might be an increase in excise duty,besides a new levy on diesel cars in this Budget.

Bajaj Auto,Hero MotoCorp and Mahindra & Mahindra (M&M) were also reeling under pressure.

Profit-booking dragged Bajaj Auto’s shares down by 1.27 per cent,while Hero Moto slipped by 1.74 per cent and M&M was down 1.38 per cent.

Meanwhile,the BSE barometer index Sensex was quoting at 17,765.52,up by 89.67 points,at 1030 hrs.

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