Bajaj Auto Shares Decline Wednesday: Reasons Unpacked

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Bajaj Auto Shares Plunge: Maharashtra Permit Ban Hits Three-Wheeler Segment

Bajaj Auto Shares Plunge: Maharashtra Permit Ban Hits Three-Wheeler Segment

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CNBC TV18•11-03-2026, 13:11

Bajaj Auto Shares Plunge: Maharashtra Permit Ban Hits Three-Wheeler Segment

•Bajaj Auto shares declined nearly 2% on Wednesday, March 11, following a temporary ban on new auto-rickshaw permits in Maharashtra.
•Brokerage UBS highlighted Maharashtra accounts for 17% of Bajaj Auto's domestic ICE three-wheeler volumes and 15% of overall three-wheeler volumes.
•Bajaj Auto holds an 87% market share in the ICE three-wheeler segment in Maharashtra, making it highly exposed to the policy change.
•ICE three-wheelers command over 30% margins, and the permit stay could significantly impact the company's profitability.
•UBS maintains a 'sell' rating on Bajaj Auto with a price target of ₹9,015, indicating a potential 6% downside.

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