Bajaj Auto takes a breather after 4-day rally; Eicher Motors up 3%
Bajaj has become the first mainstream Indian motorcycle brand to enter the electric space.
Bajaj Auto shares were trading 0.5 per cent down at Rs 3,004 on BSE. In the last four sessions, the stock gained 4.76 per cent.
Bajaj has become the first mainstream Indian motorcycle brand to enter the electric space. The launch marks the return of Chetak after almost 14 years.
Most of its peers were also trading in the red, pulling Nifty Auto index down 0.1 per cent. Exide Industries was the biggest loser in the pack down 2.5 per cent, even after the company said it will start the production of lithium-ion batteries from December targeting the emerging e-vehicle market.
Eicher Motors was the biggest gainer, up about 3 per cent to Rs 19,805. Motherson Sumi followed with 1.3 per cent gain to Rs 100.
Auto industry has been going through a slowdown, marred by some adverse regulations and a slack in consumption. This has taken a toll on auto stocks which have been in freefall lately.