Read more about Auto shares drop on Business Standard. Auto stocks were trading with losses, with the S&P BSE Auto index falling 114.31 points or 0.48% at 23458.09 at 13:49 IST.
India’s economic activity showed signs of beginning to cool off in April as several states resorted to lockdowns to control a deadly second wave of the coronavirus. Although the three-month weighted average scores of eight indicators tracked by Bloomberg News showed the pace of activity was unchanged from March, the single month reading pointed to weakness setting in. Even more recent data from this month confirmed the softening trend in activity. A basket of high-frequency, alternative and market indicators such as retail activity and road congestion pointed to weakness in the week to May 16, Abhishek Gupta, India economist at Bloomberg Economics, said in a report.
Google mobility indicators exhibited a dip across all major cities in April as compared to the baseline. E-way bills — an indicator of domestic trade — recorded double digit contraction at 17.5% month-on-month in April — and possibly pointing to a moderation in goods and services tax collections.