Bajaj Auto fell 0.67% to Rs 2,768.45 at 12:51 IST on BSE after total sales fell 23% to 2.44 lakh units in June 2017 over June 2016.
The announcement was made before market hours today, 3 July 2017.Meanwhile, the S&P BSE Sensex was up 319.44 points or 1.03% at 31,241.05
On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 23,330 shares in the past one quarter. The stock had hit a high of Rs 2,778.45 and a low of Rs 2,752 so far during the day. The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,510 on 15 November 2016.
The stock had underperformed the market over the past one month till 30 June 2017, falling 1.77% compared with the Sensex's 0.76% fall. The scrip had also underperformed the market over the past one quarter, declining 0.61% as against the Sensex's 4.3% rise. The scrip had also underperformed the market over the past one year, rising 4.56% as against the Sensex's 14.53% rise.
The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.
Bajaj Auto's domestic sales dropped 34% to 1.26 lakh units in June 2017 over June 2016. Exports fell 4% to 1.17 lakh units in June 2017 over June 2016.
In a separate announcement during market hours today, 3 July 2017, Bajaj Auto announced that the company and KTM are celebrating the tenth anniversary of their partnership this year. To celebrate the occasion, the joint venture has announced that they will take the Husqvarna Motorcycles brand global with its production to commence in 2018.
Stefan Pierer, CEO of KTM AG and Rajiv Bajaj, Managing Director of Bajaj Auto, decided on the strategy to take Husqvarna Motorcycles brand global and scale up the business multiple times.
There will be an increase in production of KTM and Husqvarna branded motorcycles produced in India from expected 1 lakh units in 2017 to over 2 lakh units in the next years.
Husqvarna Motorcycles, founded in 1903, is the world's second oldest motorcycle brand, for which KTM has secured a long-term license agreement in the year 2013. KTM is Europe's biggest motorcycle producer based in Austria.
Bajaj Auto consolidated net profit fell 13.44% to Rs 862.25 crore on 7.26% decline in total income to Rs 5252.38 crore in Q4 March 2017 over Q4 March 2016.
Bajaj Auto manufactures motorcycles, three-wheelers and quadricycles. The company is the world's third largest motorcycle manufacturer and is the largest three wheeler and quadricycle manufacturer.
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