CLSA downgrades Bajaj Auto; shares fall

CLSA downgrades Bajaj Auto to 'sell' from 'underperform', while maintaining its 'sell' rating on Hero MotoCorp , citing weak demand growth, a consumer shift to scooters over motorcycles, and rising competition.

CLSA adds the share of scooters in industry sales continues to rise at the expense of motorcycles, while 125 cc bikes sales are also rising, segments in which both Hero and Bajaj are weaker.

The brokerage says this shift in sales trend would most benefit Honda Motorcycle and Scooter India, the domestic two-wheeler unit of Honda Motor Co.

Bajaj Auto shares falls 1 percent, while Hero falls 0.5 percent.

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