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Tata Motors shares have reversed their detour after hitting the brakes in the early session today as the April sales figures for the company declined on year. The stock now turned green after opening the session in red, extending the losses for the third session today. Shares of the company fell as much as 1.4% on the NSE. However, currently, the stock is trading over 1% higher.
The automaker, on Thursday, reported a 7% on-year fall in overall domestic sales volume for the month. It sold 72,753 vehicles in April compared to 77,521 units a year ago, the company informed the exchanges. Both commercial and passenger vehicle sales volume of the company tumbled down the cliff in April.
Commercial vehicle sales dipped 8% on year and passenger vehicles sales fell 5% on year. The company’s domestic sales of medium and heavy and intermediate commercial vehicle business, which includes trucks and buses, fell to 12,093 units in April this year from 12,722 units a year ago. On the other hand, Eicher Motors’ subsidiary VE Commercial Vehicles registered a 27% growth in overall sales for April.
Passenger vehicle segment which accounts for over 60% of the company’s monthly sales, experienced a 5% on year decline in volume, primarily on the back of a 16% fall in the drop of electric passenger vehicle sales. The fall in the EV sales, alone accounted for over 42% of the total fall in PV sales of the company.
On the other hand, its rival Maruti Suzuki India reported a 7% growth in its total sales for the month, including exports. Of this, its domestic passenger vehicle sales grew meager 0.5% from the year-ago month. Maruti Suzuki’s overseas dispatches also rose 26% on year in April.
The stock currently trades at 22% over its 52-week low, whereas 45% lower than its 52-week high. So far today, almost 2.85mn shares have changed hands on the NSE.
