Shares of ?Bajaj Auto slipped in morning deals
Bajaj Auto Ltd., India's 2nd biggest bike maker, slipped in morning deals on Wednesday as the rise in its bike sales for the month of August was deemed modest by analysts.
Bajaj Auto said its bike sales rose 2 percent to 290,436 units last month versus 284,302 bikes in August 2014, mainly on account of higher exports, which surged 4 percent to 181,658 units, the highest ever for Bajaj.
Three-wheeler sales slipped 2 percent to 51,529 units versus 52,538 units. Total numbers were up 2 percent to 341,965 units in August compared with 336,840 units in the same month a year ago.
Bajaj Auto fell 7 rupees, or 0.3 percent, to 2,243 rupees on the National Stock Exchange, where 71,000 shares were traded compared with the 5-day average of 5.62 lakh shares. The stock was trading at 5.5 times its book value of 404 rupees.
Bajaj Auto has seen its market capitalisation fall 1 percent to 65,150 crore rupees in the past one year.