After release of auto sale data, Eicher Motors shares closed 0.17 per cent up on NSE at 18,365. On BSE, the share closed 0.31 per cent at Rs 18,387.85
VE Commercial Vehicles Limited’s subsidiary Eicher Motors Limited reported 70.3 per cent fall in sales for June at 1,358 compared to 4,569 in June 2019. The company sold 1,321 trucks and buses in India and exported 305 vehicles and 37 Volvo Trucks. Among all segments, LMD bus category saw 92 per cent fall in the monthly sale. The dip in sales has been primarily due to the coronavirus-induced lockdown. June was the first full month of operations since the lockdown restrictions were eased in the middle of May.
After the release of auto sale data, Eicher Motors shares closed 0.17 per cent up on the NSE at 18,365. On BSE, the share closed 0.31 per cent at Rs 18,387.85.
India’s $120 billion automobile industry registered an unprecedented zero sales in the domestic market in the month of April as the lockdown in the country kept all factories and dealerships shut. Auto companies are limping back to the pre-lockdown levels as more relaxations are allowed by the government.
Besides, market leader Maruti Suzuki also reported a 54 per cent decline in the sale of passenger vehicles in the domestic market in June at just 51,274 units. Farm equipment and engineering major Escorts also reported a 21.1 per cent year-on-year rise in its total tractor sales at 10,851 units in June. Hero MotoCorp, the world’s largest two-wheeler manufacturer, also reported a 26.8 per cent decline in domestic sales at 450,744 units in June 2020 as compared to 616,526 units in June 2019.