Shares of Indian auto companies slide as sales soften in September, after hitting record highs in August

NEW DELHI, INDIA - SEPTEMBER 4: Traffic congestion seen during a heavy rainfall at Akshardham road on September 4, 2026 in New Delhi, India. The intense spell of rain affected several parts of the national capital and neighbouring areas, bringing a noticeable drop in visibility and disrupting normal movement in some places. The IMD has warned of further heavy rainfall and thunderstorms, urging people to remain cautious as weather conditions are expected to remain unsettled. (Photo by Raj K Raj/Hindustan Times via Getty Images)Hindustan Times | Hindustan Times | Getty ImagesStocks of Indian auto companies fell on Thursday as September data revealed acute softening of sales, just a month after passenger vehicles, three-wheelers, and two-wheelers hit a record high in August.Shares of Bajaj Auto, one of India's leading two-wheeler companies, declined over 8% after the company reported a 12% year-on-year drop in domestic sales in September. Shares of Indian automaker Mahindra & Mahindra also fell over 3% before recovering slightly.In September, M&M sold 64,092 passenger cars, up 14% from a year ago. But this monthly sales growth was a far cry from the 50% year-on-year record in ...