Bajaj Auto is trading lower by 2% at Rs 1,637 after the Sri Lankan government hiked import duty on vehicles to curb high import expenditure and the fuel bill.
“Petrol-powered three-wheelers, a market dominated by the Bajaj Auto would now be paying a total tax of 100% of the value against the previous 51%," the report suggests.
The stock opened at Rs 1,687 and hit a low of Rs 1,636 on the National Stock Exchange. A combined 250,000 shares have changed hands on the counter till noon trades on the NSE and BSE.