Auto stocks fall up to 3% after passenger vehicle sales decline for eighth consecutive month in June

New Delhi: Auto stocks fell up to 3 percent on Wednesday after SIAM data showed that domestic passenger vehicle (PV) sales declined for the eighth consecutive month in June. Shares of Tata Motors fell 2.79 percent, Bharat Forge declined 2.41 percent, TVS Motor Company fell 2.12 percent, Mahindra & Mahindra ended down 1.77 percent and Hero MotoCorp fell 1.68 percent on the BSE. [caption id="attachment_4632741" align="alignleft" width="380"]

Representational image. Reuters.[/caption]Scrip of Bajaj Auto fell 1.54 percent, Eicher Motors declined 1.39 percent, while Maruti Suzuki India ended down 0.31 percent. Led by losses in these scrips, the BSE auto index fell 1.07 percent to close at 16,948.23. Continuing the unprecedented slump in automobile sector, domestic PV sales declined for the eighth consecutive month in June, prompting the industry to seek concrete policy steps from the government to arrest de-growth and check job losses. According to the data released by the Society of Indian Automobile Manufacturers (SIAM), all vehicle categories witnessed decline in sales last month. PV sales dropped by 17.54 percent to 2,25,732 units in June 2019 from 2,73,748 units in the year-ago period. Similarly, domestic car sales were down 24.97 percent to 1,39,628 units as against 1,83,885 units in June 2018