Stock benchmark indices moved on negative territory in the afternoon trade, with Sensex trading at 37,158, lower by 423 points, while the Nifty50 was at 10986, down by 123-pts at around 2.50pm.
All the Sectoral indices are trading downwards with worst hit in Nifty Auto index which sunk at 6,909.75 down by 227 points or 3.19 percent.
Shares of Motherson Sumi plunged near 10% intraday after the company reported that its PAT slumped 25pc year-on-year in Q1FY20.
Shares of Bharat forge, M&M, TVS Motors, Eicher Motors, Ashok Leyland and Maruti Suzui witness massive falls in Nifty Auto Index, by 4 to 8% in range. All components in the Nifty Auto Index see selling pressure.
As per Indian Auto Manufacturers society data, Indian car sales were declined 35.95% at 122,956 units V/s 191,979 units in July 2018, while Motorcycle sales last month fell 18.88% to 933,996 units for the month V/s 1151,324 units in the year-ago period.
Out of the 50-scrip Nifty, stocks in the Nifty index, 9 stocks were seeing buying pressure, while 41 stocks witness selling pressure.