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PV sales decline 2.46% in Aug, car sales down 1%

Wednesday, September 12, 2018

Domestic passenger vehicle sales declined for the second month in succession with 2.46% drop in August due to high base effect and partial impact of floods in Kerala, automobile industry body SIAM said yesterday.

According to data released by Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales stood at to 2,87,186 units last month as against 2,94,416 units in August last year.

Car sales declined 1.03% to 1,96,847 units last month as against 1,98,892 units in August last year. PV sales in July had declined by 2.71% to 2,90,960 units from 2,99,066 units in the same month previous year. Car sales had also declined marginally to 1,91,979 units in July compared to 1,92,845 in the year-ago month.

"There is an impact of high base effect, as sales last year from July to September were high after GST implementation," SIAM Director General Vishnu Mathur said. Besides, there is also some impact of floods, specially in Kerala which is a big automotive market, he added.

Mathur, however, said the current high fuel prices had little impact on vehicle sales. "Fuel prices keep fluctuating and it doesn't have an immediate impact on sales, although in the long term it can have some impact," he said.

During the month, market leader Maruti Suzuki India posted 3.55% decline in PV sales at 1,45,895 units. Rival Hyundai Motor India also saw 2.76% dip at 45,801 units.

Auto stocks drop up to 4%
Auto stocks fell up to 4.2% yesterday after domestic passenger vehicle sales declined for the second month in succession. Shares of Apollo Tyres tumbled 4.17%, Hero MotoCorp declined 3.06%, Tata Motors lost 3.03%, TVS Motor Company 2.64%, Ashok Leyland 1.73%, Maruti Suzuki India 1.56% and Bajaj Auto 1.24% on BSE.

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