Escorts slips 7% to Rs 684 on weak April tractor sales

Escorts shares slipped 7.5 per cent to Rs 684 after the farm equity major reported a 15 per cent decline in tractor sales to 5,264 units in April 2019. The company had sold 6,186 tractors in the same month last year.

Domestic tractor sales were down 18 per cent at 4,986 tractors against 6,094 tractors in previous year month. Exports in April stood at 278 units as compared to 92 units in the same month last year, Escorts said in a press release.

In March month, the company had reported 1 per cent increase in its tractor sales at 11,905 units. It had sold 11,790 units in the same month last year.

In the past five weeks, the stock has underperformed the market by falling 16 per cent, as compared to a 2.3 per cent rise in the benchmark S&P BSE Sensex.