Indian car stocks fall amid sales slowdown
Indian automobile stocks declined on Thursday trading after data showed a clear slowdown in September sales, despite August reaching record levels. The stock of Bajaj Auto fell by more than 8% due to a 12% year-over-year drop in domestic sales, while Mahindra & Mahindra lost over 3% despite a 14% increase in sales in September. Maruti Suzuki is the largest carmaker in India, and sales data expected later today are likely to show a decline after achieving a record 36.5% increase in August sales. However, the slowdown in September sales has led investors to cut down their holdings in the sector.
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