Nifty Auto falls 1%, Hero Motocorp top loser; Maruti Suzuki down as company announces festive discounts

Nifty Auto index fell more than 1 percent on October 9 to hit an intraday low of 15801. Hero Motocorp was the top index loser as the stocks fell over 3 percent after Delhi Police filed a case against Pawan Munjal, managing director and chief executive of the company. Shares of Maruti Suzuki also edged down after the auto major announced festive discounts of up to Rs 65,000.

Some of the Maruti Suzuki car models such as Ignis, Ciaz and Baleno are available with benefits up to Rs 65,000. However, this is a limited-period offer and can be used only till October 15, as part of the “Pre-Navratri booking scheme. The company’s popular models like the Grand Vitara, Jimny, and Fronx are excluded from these discounts.

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On the flip side, TVS Motor Company was the top gainer in the Nifty Auto index. The stock jumped more than 2 percent on October 9 after the two-wheeler maker announced rolling out 150,000 units of BMW Motorrad’s 310cc series of motorcycles at its Hosur facility in Tamil Nadu. Ashok Leyland and Eicher Motors were the only other stocks trading in green at 3:00 pm.

Other top losers in the index included Bajaj Auto, Sona Comstar, Motherson Sumi, M&M, Tata Motors, Balkrishna Industries, Tube Investments, Bharat Forge and MRF.

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