Bajaj Auto share price drops over 2% after December sales data

Bajaj Auto share price declined over 2% on Wednesday after the company announced its December wholesales data. Bajaj Auto shares fell as much as 2.86% to ₹8,550.00 apiece on the BSE.

Bajaj Auto reported a 1% year-on-year (YoY) fall in total sales for the month of December 2024. The two-wheeler and three-wheeler manufacturer dispatched 3,23,125 units of vehicles in December 2024 as against 3,26,806 units dispatched in December 2023.

The company’s total domestic sales last month declined 15% to 1,62,420 units from 1,90,919 units in the year-ago period. On the contrary, exports in December 2024 increased 18% to 1,60,705 units from 1,35,887 units, YoY.

Two-Wheeler Sales

Bajaj Auto’s two-wheeler wholesales decreased 4% to 2,72,173 units from 2,83,001 units in December 2023. The company’s domestic sales in this segment dropped 19% YoY to 1,28,335 units, while exports increased 15% YoY to 1,43,838 vehicles.

Commercial Vehicle Sales

Commercial Vehicle (CV) sales in December 2024 reported a 16% rise to 50,952 units from 43,805 units, YoY. Domestic CV sales increased 5% YoY to 34,085 units, while exports jumped 50% to 16,867 units.

Bajaj Auto Share Price Trend

Bajaj Auto share price has fallen over 29% in the past three months, while the auto stock has fallen by only 9% in six months. In the last one year, Bajaj Auto share price has rallied over 28%, while it has given multibagger returns of 174% in five years.

Brokerage firm Emkay Global recently upgraded its ratings on Bajaj Auto shares to ‘Add’ with an unchanged target price of ₹9,500 per share.

Chirag Jain, Senior Research Analyst at Emkay Global Financial Services believes the recent stock-price correction (down 30% from the recent peak) adequately captures the weakened positioning in domestic two-wheelers as well as normalized the three-wheelers volumes ahead, even as the company would benefit from exports recovery, and has emerged as the Electric Two-wheeler leader in December 2024.

At 10:00 AM, Bajaj Auto shares were trading 2.08% lower at ₹8,618.65apiece on the BSE. 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.