Shares of Maruti Suzuki India Ltd, Hero MotoCorp Ltd and Eicher Motors Ltd slumped on Monday, dragging the Nifty Auto index down 2.09 per cent.

Eicher Motors and Maruti Suzuki declined 5.04 per cent and 4.62 per cent, respectively, while Hero MotoCorp fell 4.05 per cent. Ashok Leyland Ltd slipped 3.27 per cent and TVS Motor Company Ltd dropped 2.80 per cent.

Among other constituents, Samvardhana Motherson International Ltd, Bosch Ltd and Mahindra & Mahindra Ltd fell 2.36 per cent, 1.92 per cent and 1.53 per cent, respectively.

"As crude oil prices surged past $100 per barrel, select auto stocks came under pressure in today's session. The ongoing transition toward electric vehicles is also weighing on the sector. However, the long-term growth story remains intact, and investors can continue to stay invested," said Kranthi Bathini, Equity Strategist at WealthMills Securities.

"Auto stocks witnessed some selling pressure today, but it is not largely driven by any single negative trigger. It is more a combination of profit booking and a cautious market mood, along with concerns such as rising wages in key hubs and margin pressures," said Ravi Singh, Chief Research Officer at Mastertrust.

"These stocks have seen a decent run over the past few months, so some cooling off was expected. Traders are locking in gains at higher levels. At the same time, the broader market tone is not very supportive right now, and the auto sector tends to react quickly to such sentiment shifts," he added.

"There is also an overhang from the ongoing EV transition theme, which keeps investors somewhat uncertain about traditional auto players in the near term. Along with rising input costs and mixed demand signals ahead of earnings, this explains the cautious stance. Overall, this appears to be a short-term breather rather than a structural concern," Singh said.