Shares of Bharat Forge Ltd. plummeted by as much as 6% after touching a day’s high of Rs 1,597.65 on 5th August, after the latest round of data from the Class 8 truck orders in North America.

Class 8 truck orders in North America dropped to a 15-month low of 12,400 units in July. Compared to June, orders decreased by 5%, and year-over-year, they were down by 8%.

This is the second time this year that Class 8 truck orders in North America declined year-over-year. It’s also the fifth consecutive month that orders have stayed below 20,000 units.

OEMs faced a mixed market, with vocational markets underperforming conventional ones, but overall, the market remained steady. Fleets are still investing in new equipment, though at a slower pace, and year-to-date orders are just below historical averages.

Market fundamentals remain consistent, but backlogs are expected to decrease, and inventory levels are at a record high. Pressure on OEMs to reduce build rates is increasing.

In June, the company announced an additional $40 million investment in its American branch. This $40 million investment will go to Bharat Forge Aluminum USA, Inc. (BFAL). These funds will be used for capital expenditures on an aluminium forging facility.

Today, this stock is one of the top losers on the Nifty 500 index.

At 11:30 AM, the shares of Bharat Forge Ltd. were trading 6.06% lower at Rs 1,554.85 on BSE.

Tired of guessing stocks to trade in daily?
Unicorn Signals empowers you with powerful tools like daily stock scans for Intraday, Swing & Investing, Market Predictions and much more. Download the Unicorn Signals app today and take control of your investments!