Shares of Bajaj Auto Ltd. slid by greater than 5% on the BSE on Monday following a media report on the corporate planning to scale back the manufacturing of two- and three-wheelers on account of uncertainties and antagonistic financial situation in Nigeria, its largest export market.
Bajaj Auto inventory fell to ₹3,640.75 or down 5.45%.
Reportedly the corporate was planning to cut manufacturing by 25%, or about 2.7 lakh items, in March.
A question to the corporate elicited no response.
Nigeria, which is dealing with political uncertainties and demonetisation, accounts for a fourth of Bajaj Auto’s exports.
