D-Street Buzz: Auto stocks tumble after April sales crash; Tata Motors, Maruti top losers

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The Indian stock market tumbled on May 4 after the government extended the lockdown for another two weeks in an attempt the arrest the spread of coronavirus.

Sensex is down 1,618.22 points or 4.8 percent at 32099.40, and the Nifty fell 464.60 points or 4.71 percent at 9395.30.

Among the sectors, the auto index was down over 6 percent as auto makers declared a dismal set of April sales numbers.

The top losers included Tata Motors which was one of the top index losers. It was down 10 percent and was one of the most active stocks in terms of value on NSE with 5,80,15,737 quantities traded at 11:30 hours.This was followed by Bharat Forge and Motherson Sumi Systems which tanked over 10 percent.

Share price of Maruti Suzuki was down over 7 percent after the company did not sell a single unit in the domestic market last month due to coronavirus-led nationwide lockdown. The company had zero sales in the domestic market in April 2020, MSI said in a statement. The company, however, exported 632 units from Mundra port following resumption of port operations.

S&P BSE Auto shed over 6 percent with the top losers being Motherson Sumi, Tata Motors, Apollo Tyres, Maruti Suzuki and Hero MotoCorp.

Share price of Eicher Motors shed over 4 percent after the company's total sales went down 98 percent at 85 units against 3,961 units (YoY).

Mahindra & Mahindra shares was also down 4 percent intraday on May 4 after the company sold zero units in the domestic market in April due to coronavirus-led nationwide lockdown. It, however, dispatched 733 vehicles to overseas markets during the last month.

Hero MotoCorp in a filing to the exchanges said that the company will commence operations in graded manner at Gurugram, Dharuhera and Haridwar plants, along with Global Parts Centre in Rajasthan. Shares of the company was trading lower by over 7 percent.