Nifty Auto index slumps amid slowing passenger vehicle sales

The Nifty Auto index dropped 1.85 percent to end at 23,410.20 points due to weak retail demand. Major manufacturers including Maruti Suzuki and Mahindra and Mahindra fell over 2 percent each after industry data revealed high dealer inventory levels. Market analysts indicate the index faces a crucial support level at the 23,100 mark.