Bajaj Auto share slips 3% on weak sales in July

Bajaj Auto share slipped in trade today after the firm reported weak sales in July 2020. Share price of Bajaj Auto lost 2.97% intra day to  Rs 2915 against the previous close of Rs 3,004 on BSE.

Market cap of the firm fell to Rs 84,755 crore. Bajaj Auto share has last 6% in last four days. The large cap share has fallen 8% since the beginning of this year but gained 12.66%  during  last one year.

The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. During the day, the share touched an intra day high of Rs 3,068, a gain of 2.13% .

Total 0.26 lakh shares changed hands  amounting to turnover of Rs 7.83 crore on BSE. Bajaj Auto reported a 33 per cent decline in its total sales at 2,55,832 units in July 2020 against sales of 3,81,530 units in the same month a year ago.

Domestic sales in July this year stood at 1,58,976 units against 2,05,470 units, down 23 per cent. Total motorcycle sales stood at 2,38,556 units, a decline of 26 per cent, as compared to 3,22,210 sold in July last year.

Total commercial vehicle sales were at 17,276 units as against 59,320 units in the same month last year, down 71 per cent, the company said.

Bajaj Auto reports 33% drop in July sales; demand for two-wheelers improves

On July 26, Bajaj Auto said it was witnessing a strong revival in demand for two-wheelers in both domestic and international markets.

However, the three-wheeler segment was yet to pick up, stated Bajaj Auto CFO Soumen Ray.

"We are seeing month-on-month improvement in sales. There was no sale in April while the decline was very large in May. June was significantly better than May and July is much better than June," Bajaj Auto CFO Soumen Ray said.

Strong revival in demand for two-wheelers, three-wheelers face headwinds: Bajaj Auto