Mahindra & Mahindra (M&M), the SUV and commercial vehicles manufacturer, announced a drop of 15.39% in auto sales to 42,776 units during October 2014, as against 50,558 units during October 2013. The passenger vehicles segment sold 19,254 units in October 2014, as against 22,924 units during October 2013.

The company's domestic sales stood at 40,274 units during October 2014, as against 47,787 units during October 2013, registering a fall of 15.72%.

In October 2014, the 4-wheelers commercial segment sold 14,812 units registering a fall of 14.69%, while the 3-wheeelers segment clocked 5,678 units. Exports for the month stood at 2,502 units.

Speaking on the monthly performance, Pravin Shah, chief executive, automotive division & international operations (AFS), Mahindra & Mahindra said, ''Our sales for the month of October remain subdued on the back of overall sentiment and high interest rates. However I'm happy with our retail sales this month which has helped bring the system stocks to an optimal level. We do hope that the recently announced deregulation of diesel prices will also support the auto industry. We are happy with the response to our New Generation Scorpio for which we are thankful to our customers.''

Shares of the company declined Rs 41.9, or 3.21%, to trade at Rs 1,261.50. The total volume of shares traded was 71,770 at the BSE (11.08 a.m., Monday).