Nifty Auto falls 1%, Hero Motocorp top loser; Maruti Suzuki down as company announces festive discounts.
Introduction:
Nifty Auto Index fall 1%: Hero Motorsport is the top loser on the Nifty Auto Index, and Martina Suzuki is down as the business announces holiday discounts. After the automaker announced holiday discounts of up to Rs 65,000 on a number of models, Maruti Suzuki’s shares declined.
Models of Maruti Suzuki vehicles the Ignis, Ciaz, and Baleno are offered with incentives up to Rs 65,000. On October 9, the Nifty Auto index dropped more than 1% to a day’s low of 15801.
Nifty Auto Index fall 1%
As a result of the Delhi Police filing a case against Pawan Munjal, the company’s managing director and chief executive, Hero Motocorp was the biggest index loser, with the stock dropping more than 3%. After the automaker offered holiday discounts of up to Rs 65,000, Maruti Suzuki’s shares also started to decline.
Some Maruti Suzuki vehicle models, including the Ignis, Ciaz, and Baleno, are offered with incentives up to Rs 65,000. This offer, which is a part of the “Pre-Navratri booking scheme,” is only valid for a short time and can only be used through October 15. Popular products from the brand like the Grand Vitara, Jimny, and Fronx are not included in these savings.
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On the other hand, TVS Motor Company was the Nifty Auto index’s top gainer. Two-wheeler manufacturer announced rolling out 150,000 units of BMW Motorrad’s 310cc series of motorbikes. Its Hosur facility in Tamil Nadu on October 9, the stock increased by more than 2%. At 3:00 pm, Ashok Leyland and Eicher Motors were the only other equities that were trading in the green.
Bajaj Auto, Sona Comstar, Mother-son Sumi, M&M, Tata Motors, Balkrishna Industries, Tube Investments, Bharat Forge, and MRF were among the index’s other top losers.
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