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Bajaj Auto hits three-month low

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Bajaj Auto is trading lower by 2% at Rs 1,856 on the National Stock Exchange (NSE).The stock opened at Rs 1,890 and hit a low of Rs 1,843, its lowest level since November 29, 2012. A combined around 297,160 shares have changed hands on the counter till 1155 hours on NSE and BSE.

The stock of India’s second-largest motorcycle maker  has underperformed the market by falling 9.1% since March 1 compared to 2.4% rise in benchmark Nifty, after reporting a 3.3% year-on-year fall in total sales in February 2013.

Meanwhile, Bank of America Merrill Lynch, last week, had downgraded the stock to "underperform" from "buy" and cut its price target to Rs 1,925, according to a Reuters report.