Eicher Motor slips over 2% as Sept sales fall 32%
Volvo Eicher Commercial Vehicles (VECV), a joint venture between Volvo group and Eicher Motors, reported a 32% year-on-year drop in sales of Eicher branded trucks and buses in September at 3,150 units. Shares of Eicher Motors tumbled over 2% following the disappoiting news on Monday.
October 01, 2012 / 18:37 IST
Moneycontrol Bureau
Volvo Eicher Commercial Vehicles (VECV), a joint venture between Volvo group and Eicher Motors, reported a 32% year-on-year drop in sales of Eicher branded trucks and buses in September at 3,150 units. Shares of Eicher Motors tumbled 2.3% to Rs 2,258.85 on NSE following the disappoiting news on Monday.Sales of medium and heavy trucks have been sluggish across the industry in the past several months as fleet operators postponed purchases amid to the overall slowdown in the economy. Eicher's heavy duty truck sales fell 38% to 454 units last month, while light and medium duty trucks were also down 38% to 2,054 units.Its bus sales, meanwhile, rose 10% to 642 units in September.Over the April-September period, Eicher's total sales are up 2.5% to 36,720 units. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
