Indian shares end sharply lower as the auto sector takes beating

Indian shares end sharply lower as the auto sector takes beating

Sensex

Indiansharesendedsharplyloweron Tuesday, led by a drop inautomotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

The broader NSE Niftyended 1.65 per centlowerat 10,925.85, while the benchmark BSE Sensex closed down 1.66 per cent at 36,958.16.

The Niftyautos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July.

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Sharesof topIndianautomaker Maruti Suzuki Ltd fell 5 per cent.

Sharesof oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7 per cent after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco.

The Nifty energy index was the onlysectortoendhigher out of 14 sub-indexes, powered largely by Reliance.

Private-sectorlender Yes Bank Ltd fell 10.9 per cent.

The company named a new chief financial officer on Tuesday.