M&M fell 1.67% to Rs 1,209.95 at 9:52 IST on BSE after the company disclosed its sales numbers for the month of May 2014 on Sunday, 1 June 2014.
Meanwhile, the BSE Sensex was up 104.20 points, or 0.43%, to 24,321.54.
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 91,000 shares in the past two weeks.
The stock hit a high of Rs 1,235 and a low of Rs 1,208.05 so far during the day. The stock hit a 52-week high of Rs 1,264.65 on 30 May 2014. The stock hit a 52-week low of Rs 741.50 on 28 August 2013.
M&M's total tractor sales rose 1% to 23,940 units in May 2014 over May 2013. Total tractor sales in the domestic market rose 3% to 23,132 units in May 2014 over May 2013. Tractor exports fell 30% to 808 units in May 2014 over May 2013.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, M&M said, "We have registered a sale of 23132 tractor units in the domestic market during May 2014. We do hope that the onset of monsoon would add buoyancy to the farmers' morale and lead to growth in the agricultural sector".
M&M announced its auto sales numbers which stood at 37,869 units during May 2014, down 13% over May 2013.
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The passenger vehicles segment (which includes UVs and the Verito) sold 18,085 units in May 2014, down 19% compared with 22,244 units during May 2013. The company's domestic sales stood at 35,499 units during May 2014, down 16% compared with 42,104 units during May 2013. The 4-wheelers commercial segment has sold 12,836 units, while the 3-wheelers segment clocked 3,732 units in May 2014. Exports for the month stood at 2,370 units which represents a growth of 75%.
Commenting on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, M&M said, "Auto sales continue to remain subdued for many players, at the back of yet another challenging month for the industry. Post the electoral mandate, we expect to see improved sentiments resulting in a better economic situation which we hope will lead to a gradual increase in demand. We are happy to have achieved a growth of 75% in our export volumes during May."
Mahindra Two Wheelers (MTWL) announced its sales numbers which stood at 16824 units during May 2014. The company's domestic sales stood at 15878 units during May 2014, as against 6858 units during May 2013, a growth of 131%. Exports for the month stood at 946 units.
Speaking on the monthly performance, Viren Popli, Chief of Operations, Mahindra Two Wheelers said, "We are happy to maintain the demand momentum of our 2-wheeler division during May 2014 with a growth of 131% in the domestic market, which is indicative of the growing acceptance of our product portfolio especially our flagship brand, the Centuro. With a positive upsurge in socio-economic sentiments and on the back of improved demand, we hope to remain on the growth trajectory going ahead."
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
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