2 hrs ago
Indian Stocks Slide as Auto, Sugar Shares Move Midday
Indian stock markets fell sharply on October 1.
The main market indexes had already been falling for four trading sessions.
Shares of Bajaj Auto and Mahindra & Mahindra dropped even though both companies reported higher total sales than last year.
Their domestic or export sales figures were weaker in some areas.
Kotak Mahindra Bank shares rose after it announced a new chief executive.
PB Fintech shares fell after an investment firm lowered its view of the company.
Sugar companies declined after the government changed rules about how much sugar can be stored.
Transformers and Rectifiers (India) rose because a government renewable-energy plan could increase demand for transformers.
Benchmark indices extended losses for a fourth straight session on October 1, with the Sensex falling nearly 900 points intraday.
Bajaj Auto shares dropped more than 7% despite a 5% year-on-year increase in September total sales, as domestic sales fell 9%.
Mahindra & Mahindra shares declined over 4% even though September total sales rose 15% year-on-year, while exports decreased 7%.
Kotak Mahindra Bank shares gained over 4% after the bank appointed Anup Kumar Saha as managing director and CEO from January 1, 2027.
Sugar stocks fell after the government revised stockholding norms, while Transformers and Rectifiers (India) shares surged 10%.
- Who
- Indian benchmark indices, Bajaj Auto, Mahindra & Mahindra, Kotak Mahindra Bank, PB Fintech, sugar companies, and Transformers and Rectifiers (India).
- What
- Stocks moved sharply in midday trading, with the broader market declining and individual shares reacting to sales data, management news, analyst action, and government measures.
- Where
- Indian stock markets.
- When
- October 1; Kotak Mahindra Bank’s new managing director and CEO is scheduled to take office on January 1, 2027.
- Why
- The market fell amid broad selling, while individual stocks were affected by September automobile sales, a Kotak Mahindra Bank leadership appointment, a PB Fintech downgrade, revised sugar stockholding norms, and a renewable-energy scheme.
Cautious market interpretation
Positive company-specific developments
Automobile sales and share prices
Cautious market interpretation
Bajaj Auto and Mahindra & Mahindra shares fell despite higher total September sales, with weaker domestic sales or exports weighing on the reported performance.
Positive company-specific developments
Both companies recorded year-on-year growth in total sales, led by exports for Bajaj Auto and domestic utility vehicles for Mahindra & Mahindra.
Kotak Mahindra Bank leadership change
Cautious market interpretation
The appointment creates a transition to a new managing director and CEO, and the market initially gave up some of the stock’s gains.
Positive company-specific developments
Jefferies called the appointment positive, citing Anup Kumar Saha’s experience leading retail segments at major finance companies.
Sugar-sector regulation
Cautious market interpretation
Sugar stocks came under significant selling pressure after revised stockholding norms were announced.
Positive company-specific developments
The government said the rules were intended to prevent hoarding and ensure smooth supplies to consumers during the festive season.
Key facts
- Market trend
- The Nifty fell significantly below 22,400, while the Sensex plunged nearly 900 points intraday.
- Bajaj Auto sales
- September total sales rose 5% year-on-year to 538,443 units; domestic sales fell 9% to 294,456 units.
- Mahindra & Mahindra sales
- September total sales rose 15% year-on-year to 114,874 units; exports fell 7% to 4,019 units.
- Kotak leadership
- Anup Kumar Saha was appointed managing director and CEO for three years from January 1, 2027.
- PB Fintech action
- Macquarie downgraded PB Fintech to Neutral from Outperform and cut its target price by 41%.
- Renewable-energy scheme
- The Union Cabinet approved the Rs 1.86 lakh crore PM-DHARA scheme on September 30.
- Sugar regulations
- The government revised sugar stockholding norms to prevent hoarding and support smooth festive-season supply.
Sources
Related news
Bajaj Auto Shares Slide on Weak September Sales
Bajaj Auto Shares Fall Despite September Sales Growth
Auto Stocks Tumble on Weak Sales, New Efficiency Rules
Auto stocks plunge despite strong August sales and demand outlook
Indian Stocks Slide as Dr Reddy’s, Dixon Buck Trend
Indian Stocks Rise as Bajaj Finance, Ola Electric Lead Moves
India’s October 2026 Auto Launches Span Cars and Motorcycles
