Tata Motors down over 2%

Things are not looking so rosy for Tata Motors today after it announced its monthly sales number for January. The stock price slipped over 2% to an intraday low at Rs.162.35. It has recovered a bit and is now quoting at around Rs.163 levels.

The stock price is reacting to its drop in total domestic sales by 18% (YoY) at 45,242 units.

Total MHCV sales dropped from 14,256 units to 9,706 units.

Total CV sales dropped 15%.

Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors Ltd. said, "Commercial vehicle domestic sales in January '20 was -15% lower than last year. Retail was ahead of wholesale for 7th straight month in a row, helping further stock reduction, as we move closer to BSVI transition. With increasing buying interest, particularly amongst fleet owners, the M&HCV sale in January'20 was second highest in the last seven months. In Small commercial vehicles, the buying interest continued to be better than other segments, resulting in a yoy growth of 2%."