Shares of Bajaj Auto Ltd. slid by more than 5% on the BSE on Monday following a media report on the company planning to reduce the production of two- and three-wheelers on account of uncertainties and adverse economic condition in Nigeria, its biggest export market.
Bajaj Auto stock fell to ₹3,640.75 or down 5.45%.
Reportedly the company was planning to cut production by 25%, or about 2.7 lakh units, in March.
A query to the company elicited no response.
Nigeria, which is facing political uncertainties and demonetisation, accounts for a fourth of Bajaj Auto’s exports.
