SME Times News Bureau | 10 Jul, 2019
Automobile Manufacturers (SIAM) on Wednesday said domestic passenger car sales
continued to slump with the segment's off-take falling 24.07 per cent in June.
According to industry observers, high cost due to GST, low demand, and lack of
adequate liquidity continued to dent purchases.
According to the SIAM, passenger car sales in the domestic market dropped to
139,628 units from 183,885 units sold during June 2018.
Among the other sub-segments of passenger vehicles, the number of utility
vehicles sold in India went down by 0.99 per cent to 72,917 units in June 2019,
while 13,187 vans were sold last month, down 18.7 per cent from the
corresponding month of 2018.
Overall, passenger vehicle sales declined 17.54 per cent in June to 225,732
units from 273,748 units.
Sensex and Nifty ended lower after the weak
auto sales figures, along with surging oil prices dampened investor sentiments.
The Sensex closed 173.78 points or 0.45 per cent lower at 38,557.04 while the
Nifty settled at 11,498.90, down by 57 points.