Bajaj Auto has dipped 3% to Rs 1,454, its lowest level since January 2012, after reporting a negative 2% year-on-year growth in vehicle sales to 352,219 units in May due to lower commercial vehicle (CV) sales and nil exports to Sri Lanka. The company had sold a total 358,849 units in the same month of previous year.
“Sri Lanka exports nil against a typical monthly average of 10,000 motorcycles and 3-wheelers each per month,” India's second largest two-wheeler maker said in a release. However, it expects recovery starting July.
The Sri Lanka government had beginning April hiked import duties sharply, which hit Indian companies hard.
Bajaj Auto’s total motorcycle sales rose just 1% to 321,922 units and total exports were up 3% to 130,573 units. Meanwhile, its total three-wheeler CV sales plunged 26% to 30,297 units in May.
The stock opened at Rs 1,480 and hit a high of Rs 1,491 on the National Stock Exchange. A combined 192,177 shares have changed hands on the counter till noon deals on both the exchanges.
