​Shares of Mahindra & Mahindra plunged for the 6th day in a row

Mahindra & Mahindra Ltd. plunged for the 6th day in a row after it announced disappointing volume sales for the month of August.

M&M, India's top tractor maker, said domestic tractor sales dropped 22 percent to 10,751 units in August from 13,733 in the same month an year ago. Exports fell 26 percent to 948 units and total tractor sales were down 22 percent to 11,699 units from 15,006 units in the year ago month.

M&M, which also makes the popular SUV Scorpio, fared better in overall unit sales.

M&M plunged 49 rupees, or 4 percent, to 1,172 rupees on the National Stock Exchange where 12.4 lakh shares were traded versus the 5-day average of 16.7 lakh shares.

The company has seen its market capitalisation fall 17 percent to 74,500 crore rupees in the past one year. The stock is trading 3.7 times its book value of 322 rupees.

Image credit: Indiatimes