Tata Motors PV, Maruti Suzuki, Ashok Leyland, auto stocks drop up to 3% as RBI signals rate cuts are ‘off the table’

Auto stocks in India, including Tata Motors PV, Maruti Suzuki, and Ashok Leyland, fell by up to 3% after the Reserve Bank of India (RBI) raised interest rates and signaled that further rate cuts are unlikely. Analysts expect strong revenue growth in the second quarter but warn of potential margin pressure due to rising commodity costs and elevated inventories.