Bajaj Auto share price was down over 2 percent intraday on September 2 after the company declared its auto sales numbers for August.
Total domestic sales for the month stood at 1,85,879 units as compared to 2,08,109 vehicles in the same month of 2019, a drop of 11 percent, Bajaj Auto said in a regulatory filing.
Total two-wheeler sales declined 1 percent to 3,21,058 units against 3,25,300 units in August 2019.
Commercial vehicle sales plunged 46 percent to 35,141 units as compared to 64,726 vehicles sold in August 2019, it said.
The stock was trading at Rs 2,880.70, down Rs 78.10, or 2.64 percent. It has touched an intraday high of Rs 2,961.90 and an intraday low of Rs 2,872.50.
Speaking to CNBC-TV18, Bajaj Auto said the company was facing lockdown constraints in Maharashtra and sales would have been better without these restrictions.
Bajaj Auto Executive Director Rakesh Sharma said the demand was returning as the lockdown was rolled back and the company was preparing for normal demand during the festival season. The company may see a loss of Rs 120 crore for six months due to the incentive-cap under MEIS.
The domestic 3-wheeler market continues to struggle but exports came back strongly. People in smaller towns are buying 2-wheelers as they are averse to public transport, the company management said.
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