The Indian stock market saw a sharp decline in early trading on October 17, 2024, with the Nifty falling over 150 points as auto stocks led the losses. The auto sector experienced significant selling pressure, dragging down the broader indices.
Bajaj Auto was the biggest loser, with its shares plunging 10% to ₹10,455.25 after its Q2 FY25 results failed to meet market expectations. The company’s revenue growth was overshadowed by cautious management commentary, leading to a sell-off in the stock.
Bajaj Auto shares drop, wipe off ₹26,470 crore in Market Cap after Q2 results
Other major auto stocks also faced heavy losses:
- TVS Motor: Down 6.01% to ₹2,607.20
- Hero MotoCorp: Fell 4.80% to ₹5,139.00
Auto stocks: Bajaj Auto, Hero MotoCorp, and TVS Motor drop 8.60%, 4.38%, and 4.09% respectively
Apart from the auto sector, other major contributors to the market’s decline included:
- Bosch: Down 3.42% to ₹36,951.55
- Siemens: Fell 3.81% to ₹7,681.70
- M&M: Dropped 3.18% to ₹2,970.30
The sell-off in auto stocks came after concerns over earnings reports, supply chain issues, and potential demand slowdowns. The overall sentiment in the market remains cautious, with broader market indices reflecting the auto sector’s weakness, contributing to the Nifty’s over 150-point decline in early trade.
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