Sensex falls over 600 points after passenger vehicle sales show worst decline in two decades

The benchmark share indices fell sharply on Tuesday after poor data for passenger vehicle sales in July led to a decline in major automotive stocks. In the steepest decline in a month in nearly two decades, passenger vehicle sales in India fell 30.9% in July, data released by the Society of Indian Automobile Manufacturers showed.

The BSE Sensex lost 623.75 points to close at 36,958.16, while the National Stock Exchange Nifty 50 declined 183.80 points to end the day at 10,925.85. The automotive sectoral index on the Nifty declined about 4%, its worst decline since 2016, reported Reuters.

Only three of the 31 stocks rose on the Sensex – Reliance Industries, Sun Pharma and Power Grid Corporation of India. Reliance Industries rose 9.7% after Saudi Aramco decided to buy a 20% stake in the company’s oil refinery and chemical business.

On the Nifty 50, five stocks gained – Indiabulls Housing Finance, Reliance Industries, Sun Pharma, GAIL and Zee Entertainment. The top three losers on both indices were Yes Bank, Mahindra and Mahindra and Bajaj Finance.

The rupee declined 63 paise to close at 71.40 against the dollar.

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