Automaker Maruti Suzuki India Ltd tumbles 5.89 per cent, its lowest since March 31, 2017. About 1.5 million Maruti shares changed hands compared with the 30-day average of around 748,800 shares. The auto index is down as much as 3.51 per cent, its lowest in over three years.
On Friday, Finance Minister Nirmala Sitharaman, in the budget, lowered goods and services tax (GST) on electric vehicles to 5 per cent from 12 per cent and raised basic customs duty on automobile parts.
Meanwhile, India's biggest motorcycle maker Hero MotoCorp slips 6.06 per cent to its lowest since Sept 2015. Bajaj Auto Ltd's shares were down over 3 per cent and on track for their third consecutive session of declines.
Other losers include Motherson Sumi Systems, Ashok Leyland and Apollo Tyres, which were down in the range of 3.5 per cent to 4 per cent.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.