Bajaj Auto’s stock fell over 2% in early Thursday trade after the business reported a 2% drop in consolidated net profit for the fourth quarter ended March 2022.

On the BSE, Bajaj Auto shares fell 2.58 percent to Rs 3,804.80.

The stock fell 2.57 percent to Rs 3,805 per share on the NSE.

Bajaj Auto reported a 2% drop in consolidated net profit to Rs 1,526 crore for the fourth quarter ended March 2022, owing to sluggish demand and a semiconductor shortage in both domestic and international markets.
In the January-March quarter of 2020-21, the Pune-based company posted a combined net profit of Rs 1,551 crore.

Total revenue from operations fell to Rs 7,975 crore in the fourth quarter of FY21, down from Rs 8,596 crore the previous year.

In the fourth quarter, the company’s total two-wheeler and commercial vehicle sales fell by 17% to 9,76,651 units, compared to 11,69,664 units in the same time of the 2020-21 fiscal year.