Shares in Maruti Suzuki India and Mahindra & Mahindra (M&M) fell in morning trade on Friday as April sales fell contrary to expectations.
Maruti declined as much as 1.9 per cent to Rs 1,887.35, while M&M shares fell as much as 2.2 per cent to Rs 1,050 in the morning trade.
Maruti Suzuki on Thursday posted a sharp 11.4 per cent year-on-year drop in car sales in April 2014 in an indication that the worst might not be over for the Indian car industry. India's biggest car maker sold a total of 86,196 units in April 2014 as compared to 97,302 units in the corresponding month last year. April's sales were 24 per cent lower than previous month's (March 2014) total sales of 1,13,350 units.
Maruti's high margin Dzire sales dropped 17.7 per cent y-o-y to 16,008 units in April, indicating the onslaught from Honda's Amaze and Hyundai Xcent might have impacted sales. This is the second straight month when Dzire sales have dropped on an annual basis.
Except compact segment, comprising the Swift, Estilo, Ritz and Celerio models, where sales grew by nearly 10 per cent all other segments reported a drop in sales for Maruti.
Mahindra & Mahindra also reported 12 per cent y-o-y decline in total sales at 36,274 units in April. It had sold 41,432 units in the same month last year.
M&M's high margin tractor business registered a 10.5 per cent de-growth in sales at 19,895 units for the month of April 2014.
In April, M&M's domestic sales (excluding exports) stood at 34,107 units as against 39,902 units in the same month of previous year, down 15 per cent.
As at 9.40 a.m. shares in Maruti traded 1.4 per cent down at Rs 1,896 and shares in M&M traded 1.85 per cent lower at Rs 1,054 compared to 0.4 per cent gain in Nifty.
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