Hero Moto, M&M, others tumble up to 2%, dragging Nifty Auto after a three-day rise

Shares of leading automakers plunged on June 23, pushing the Nifty Auto index down nearly a percent at close, snapping a three-day gaining streak, as profit booking and the compulsory ABS mandate weighed on the sector.

Shares of Bosch were the top loser on the Auto index, plunging over 2.3 percent to close at Rs 31,540 apiece. Hero MotoCorp shares also fell over 2 percent to trade at Rs 4,247 apiece after the Transport Ministry ruled making anti-lock braking systems (ABS) mandatory for all new scooters and motorcycles, a move that is likely to push prices higher by around Rs 3,000 per unit, or a 3-5 percent increase in cost.

Tube Investments of India shares were the top loser on the index, dropping nearly 2 percent to trade at Rs 2,872 apiece. After a remarkable return of over 540 percent in the past five years, the multibagger stock has seen some consolidation recently, falling nearly 6 percent in the past one month, and down around 20 percent in 2025 so far.

Mahindra & Mahindra (M&M) shares fell over 1.5 percent to trade at Rs 3,136 apiece, snapping a three-day gaining streak, as investors likely resorted to profit booking at elevated levels. Choice Broking had recently recommended a 'Buy' call on the stock with a target price of up to Rs 3,600 apiece, implying an upside potential of nearly 15 percent from current levels.