Bajaj Auto shares fall on weak two-wheeler performance

Stocks

Overall, two-wheeler sales rose merely 2 percent year-on-year to 315,948 units in the previous month

Representative image

Representative image

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Shares of Bajaj Auto fell on July 1 after the company reported weak two-wheeler sales for June.

Bajaj Auto’s domestic two-wheeler sales fell 20 percent year-on-year to 125,083 units in June despite the year-ago month being partially affected by the second wave of the COVID-19 pandemic.

Overall, two-wheeler sales rose merely 2 percent on a year-on-year basis to 315,948 units in the previous month as the company continues to face challenges relating to securing semiconductors.

Analysts had expected the company to report around 321,000 units of sales volumes for June. Expectations in the market were that two-wheeler sales were seeing a recovery owing to good rabi season crops.

That said, the commercial vehicles business reported firm growth as domestic CV sales rose 114 percent year-on-year to 13,268 units.

In the export business, two-wheeler sales rose 23 percent year-on-year to 190,865 units while commercial vehicle exports slumped 39 percent on year to 17,788 units.

Overall, domestic sales in June fell 15 percent year-on-year to 138,351 units while exports rose 13 percent to 208,653 units.

At 10:17 am, shares of Bajaj Auto were down 1.7 percent at Rs 3,644.95 on the National Stock Exchange.