By
Sensex slumps as auto stocks take beating
Photo Credit: 123RF.com

Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

The broader NSE index ended 1.65% lower at 10,925.85, while the benchmark BSE index closed down 1.66% at 36,958.16.

The Nifty autos index slid about 4%, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9% in July. Shares of top Indian automaker Maruti Suzuki Ltd fell 5%.

Shares of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7%, after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco. The Nifty energy index was the only sector to end higher out of 14 sub-indexes, powered largely by Reliance.

Private-sector lender Yes Bank Ltd fell 10.9%. The company named a new chief financial officer on Tuesday.

Leave Your Comment(s)