First Bajaj Consumer LED Price in India were announced with sharp discount of 9% at the backdrop of recent trade tension between India and US
New Delhi: Bajaj Auto shares were trading lower on the BSE on Wednesday morning after the company released the results for the fourth quarter and fiscal year ended 31 March 2019.
The share price of the company was down 5.02 per cent at Rs 1,786 at 2:04 pm. Bajaj Auto stock traded 25 per cent below its record high price of Rs 2,300 per share.
The loss-making motorcycle maker reported a consolidated net loss of Rs 284.52 crore for the quarter ended 31 March, compared with net profit of Rs 1,579.94 crore in the year-ago period.
The company has proposed a dividend of Rs 12.50 per share for the fiscal 2018-19.
Net sales of the company fell 15.7 per cent to Rs 9,663.10 crore during the fourth quarter ended 31 March, 2018 from Rs 11,836.25 crore in the year-ago period.
The annual consolidated net sales of the company rose 8.5 per cent to Rs 38,496.98 crore in 2018-19 compared with Rs 37,019.72 crore in the previous fiscal.
To cope with a slowing economy, the company in February announced price cuts on approximately 95,000 units of Bajaj Avenger and Bajaj Avenger Re 1 motorbikes in February.
The company has said that it is confident of maintaining the double-digit growth trajectory of the motorcycle industry despite uncertainties in the global scenario.
The subdued global economy is putting pressure on the car and two-wheeler market in India, and Bajaj Auto has cautioned that it expects market conditions to remain under pressure in the second half of fiscal year 2019.
Bajaj Auto on Tuesday said total sales during the March quarter fell 19.3 per cent at 103,852 units against 115,589 units in the year-ago period.