Shares of Bajaj Auto dipped over 2 percent in early trade on Thursday after the company reported a 2 percent decline in consolidated net profit for the fourth quarter ended March 2022.

The shares of Bajaj Auto declined 2.58 percent to Rs 3,804.80 on the BSE.

At the NSE, the stock dipped 2.57 percent to Rs 3,805 a piece.

Bajaj Auto on Wednesday reported a 2 percent decline in consolidated net profit at Rs 1,526 crore for the fourth quarter ended March 2022, as sales in both domestic and export markets were 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.

Total revenue from operations declined to Rs 7,975 crore during the fourth quarter, as compared with Rs 8,596 crore in the same period of FY21.

The company's total two-wheeler and commercial vehicle sales declined by 17 percent to 9,76,651 units in the fourth quarter, as against 11,69,664 units in the same period of the 2020-21 fiscal.