Bajaj Auto is down in the red; it went down over 2.5% to Rs.2928.55 and is trading currently at this level.
The company posted a sharp 53% (YoY) drop in net profit for Q1FY21 at Rs.528. Poor demand is what dented the bootmline. The fall would have been sharper but for lower tax outgo and curb on costs.
Its revenue from operations fell by a big 60% at Rs.3097 crore.
The company said that the quarter was extremely challenging quarter due to the unprecedented COVID-19 pandemic. Lockdown and other containment / precautionary measures have resulted in disrupted supply lines and a sharp decline in overall demand.