Auto stocks fall on fuel price hike fears

| | Updated on: Mar 07, 2011

Auto stocks fell by over 4 per cent in the early trade on the Bombay Stock Exchange on concerns of fuel price hike due to spiralling crude oil prices, which hit a 29-month high today.

The US crude has crossed the $106 mark. Auto major Mahindra & Mahindra (M&M) declined by 4.17 per cent to touch an early low of Rs 648 on the BSE, thus becoming the worst-hit stock among the 30-Sensex scrips.

Tata Motors also fell by 3.31 per cent touching a low of Rs 1,131 on the back of profit-taking.

The country’s biggest carmaker Maruti Suzuki fell by 2.57 per cent, Bajaj Auto by 0.79 per cent and Hero Honda by 0.30 per cent.

Led by losses in these stocks, the BSE auto index lost 2.32 per cent to trade at 8,919.29.

Published on March 07, 2011

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