Bajaj Auto began to trade on the National Stock Exchange (NSE) on a weak note after it reported a 20 percent decline in total sales for the month of April.

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The stock opened 1.5 percent in the red and has fallen as much as 3 percent at 12:05 pm after the two-wheeler major saw a sales decline in both exports as well as domestic market.

Speaking to CNBC-TV18, Rakesh Sharma, ED, Bajaj Auto, said that this was the low point of sales for the company and a turnaround is expected.

"The explanation for the decline this month is entirely supplied chain led. We've had surprises in our supply chain on the semiconductor side and we have embarked on a slew of countermeasures, which have started to now make a difference from April onwards. But from May onwards, we will be able to increase supplies of semiconductor-based components at a much higher rate and probably resolve them completely in quarter two," he said.

The company reported a 2 percent decline in consolidated net profit at Rs 1,526 crore for the fourth quarter ended March 2022. Sales in both domestic and export markets have been hit by weak demand and semiconductor shortage. The Pune-based company had reported a consolidated net profit of Rs 1,551 crore in the January-March quarter of 2020-21.

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(Edited by : Abhishek Jha)