Auto major Mahindra & Mahindra yesterday posted a 21.85 per cent fall in total sales at 32,499 units in the month of November. The company had sold 41,590 units in the same month previous year, M&M informed in a statement. In the domestic market, sales were down by 24.29 per cent at 29,814 units last month as compared to 39,383 in November 2015, the company added.
Exports during the month increased by 22 per cent to 2,685 units as compared to 2,207 units in November last year, Mahindra & Mahindra stated. Sales of passenger vehicles, encompassing the Scorpio, XUV500, Xylo, Bolero and Verito were down by 33 per cent to 13,217 units as compared with 19,662 units in the same month previous year. Commercial vehicle sales were down by 15 per cent at 12,644 units in the month of November as compared to 14,801 units in the year-ago period, M&M stated. Meanwhile, Mahindra share price closed trading 1.13 per cent lower on the NSE.
M&M Chief Executive Pravin Shah said that while they expected an improved auto industry performance on account of the festive season and other positive parameters like rural demand and interest rates softening, the sudden announcement of demonetization had brought in an immediate uncertainty and disruption.
He added that although demonetization was a good and welcome step in the mid to long term, it had dampened the overall sentiment, leading to postponed buying, resulting in a major slump in volumes during November.
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