Bajaj Auto shares fell 5 per cent on Monday after the two-wheeler maker reported an 8.6 per cent year-on-year drop in October sales. Bajaj Auto posted total sales of 3,52,822 units last month as compared to 3,86,017 units in October 2014.
Motorcycle sales declined 8 per cent year-on-year to 3,08,733 units, while commercial vehicles sales dropped 10 per cent to 44,089 units, Bajaj Auto said.
The dip in sales was led by sagging exports, which fell 19.5 per cent year-on-year to 1.28 lakh units in October, analysts said.
Nitesh Sharma of PhillipCapital said Bajaj Auto has given no reasons for the sharp fall in exports. "We suspect delayed shipment to be the key reason for the same," he added.
As of 11:11 a.m., shares in Bajaj Auto were trading 4.6 per cent lower at Rs 2,432.50 apiece on the BSE, while benchmark Sensex index was down 0.4 per cent.