highlightsthe nifty auto index corrected close to 47 from the earlier peak of 2018 the nifty auto index crashed more than 5 on monday and closed at 584370 touching the lowest score since february 2014 the financial market at present is struggling to quantify the impact of spreading coronavirus new delhi the panic that began in the global markets due to mounting fears about fastspreading coronavirus made its way to the indian auto market a further downdraft in auto stocks on monday added to the concerns of investors who are already rattled about the state of the countrys economy the financial market at present is struggling to quantify the impact of spreading coronavirus auto stocks are no different the nifty auto index crashed more than 5 percent on monday and closed at 584370 touching the lowest score since february 2014 nifty auto stocks are already down 29 percent on a year to date basis advt as per a hdfc securities report the correction in the auto index post the outbreak of coronavirus is now closer to that witnessed during the 2008 global financial crisis gfc period the nifty auto index had corrected by 55 percent in 2008 from the earlier peak currently the index has corrected close to 47 percent from the ealier peak of 2018 the report said for perspective a stock market correction is a drop of at least 10 percent from their most recent peak the financial market at present is struggling to quantify the impact of spreading coronavirus according to vinod nair head of research at geojit financial services at present there is no clear indication of how long the bearish mood will continue in the stock market the only clear sense is that the auto market is turning more negative with each passing day but there is no clear indication on how long this negativity will sustain nair said for the past one week shares of tata motors remained down below rs 100 apiece the levels last seen in 2009 earlier it was anticipated that the last quarter of the financial year 20192020 would see some stability both in terms of sales and operating margins however seeing the massive upheaval in supply chain in the past two months with uncertainty on revival scope the upheaval in the auto stock market is expected to continue in fy21 nair said in the past one week shares of tata motors remained down below rs 100 apiece the levels last seen in 2009 the scrip tanked 758 percent to close at rs 8895 on nse the other worst performers were mahindra mahindra amara raja battery bosch bharat forge ashok leyland and maruti suzuki notching losses of above 20 percent in the last 30 days advt nair said that the recovery will be slowest in the auto ancillary domain as both the export and import avenues of these companies are witnessing complete shutdown due to virus impact majority indian auto component and ancillary companies are strictly dependent on china