Shares of Mahindra & Mahindra slipped 3 percent intraday on Tuesday after its February sales number was disappointing. The auto manufacturer reported 10 percent decline in total sales at 38,033 units in February. It had sold 42,166 units in the same month last year, the company said in a statement.
In domestic market, M&M's sales declined by 11 percent to 34,918 units last month as against 39,338 units a year earlier.
However, exports were up 10 percent at 3,115 units from 2,828 units in the same period a year earlier. Sales of passenger vehicles, including Scorpio, XUV 500, Xylo, Bolero and Verito stood at 18,103 units compared with 19,308 units in February 2014, down 6 percent.
Four-wheeler commercial vehicle sales fell by 19 percent to 11,928 units last month against 14,701 units in year-ago period, M&M said.
M&M Chief Executive (Automotive Division) Pravin Shah said, "The auto industry has not seen any major changes in the Union Budget 2015-16. However, looking at the overall Budget proposals including planned spend on infrastructure and social reforms, we expect positive sentiments going forward.”
At 09:42 hrs the stock was at Rs 1,250.90, down Rs 26.55, or 2.08 percent on the BSE.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
