Bajaj Auto share price drops over 3%, know experts' opinion
Written By: Mobin
Bajaj Auto shares fell for the seventh consecutive day. The stock fell over 3% to Rs 7,475.70, showing a decline of over 13% this week.
Decline
Bajaj Auto's domestic 2-wheeler sales declined 14% in February. The company sold 1.46 lakh units, lower than last year.
Domestic sales
Despite a fall in domestic sales, Bajaj Auto's exports grew 23%. 1.53 lakh units were exported in February.
Exports rise
The company's total domestic sales fell 11% to 1.83 lakh units, while exports grew 21% to 1.69 lakh units.
Total sales
According to Rajesh Bhosale, technical analyst at Angel One, the stock remains under pressure. Rs 7,050 is the next support and Rs 8,000 is the resistance level.
Analysis
According to Rakesh Sharma, executive director of Bajaj Auto, the main reason for the decline in sales is negative customer sentiment.
Reasons
Rakesh Sharma said that economic indicators are strong and improvement is expected by the end of March.
Future
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