Tata Motors‘ share price was down in the red for the second straight session on Monday morning. The stock went down over 1% to hit an intraday low of ₹977.
What Happened: Shares of the auto giant have been under pressure for the past few months. In the last month, the stock has gone down around 10%. The auto company is expected to post its sales data for September on Tuesday.
The company has seen a slump in sales this year. The Tata Group company’s total sales dipped around 8% in August to 71,693 units, compared to 78,010 units in the same month last year.
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| Sept-24 | YoY (%) | MoM (%) | |
|---|---|---|---|
| Yes Securtities | 78,300 | (7) | 9.2 |
| Nuvama | 85,500 | 1.3% | 19 |
| Motilal Oswal | 82,432 | (2.4) | 15 |
| Average | 82,077 | (2.7) | 14 |
Total sales are also expected to inch up slightly to 85,500 units in September, according to Nuvama. In contrast, analysts at Yes Securities expect a 7% dip in total sales at 78,300 units. Tata Motors has been seeing a decline in its sales for the past few months.
Motilal Oswal estimates the Tata Group company’s total sales to come in at 82,432 units for September. Commercial vehicle sales are seen going down around 13% year on year to 33,780 units, while passenger vehicle sales are expected to be at 48,652 units.
Price Action: Tata Motors’ share price was down 1.19% to trade at ₹981.20 in the early hours of trading on Monday.
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