Bharat Forge hits 52-week low; stock falls 9%

The stock slipped 9.5% to Rs 526, its lowest level since May 24, 2017.

Shares of Bharat Forge slipped 9.5% to Rs 526 to hit their 52-week low on the BSE on heavy volumes given the concerns of near-term demand challenges persisting for domestic commercial vehicles (CV). The stock of a leading auto ancillary metal forging company was trading at its lowest level since May 24, 2017 in late morning deals.

Sales of medium and heavy commercial vehicles (MHCV) for most of the manufacturers fell sharply in November after advancing at a brisk pace for over a year, reflecting a sluggishness in the overall economy.

Combined sales at top four manufacturers —