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Business trends

India passenger vehicle sales plunge by most in 18 years

Slump spreads to component makers

Shares in Maruti Suzuki India, the country’s largest automaker, have fallen over 20% since January. (Photo by Takafumi Hotta)

MUMBAI (NewsRise) -- Sales of passenger vehicles in India slumped 31% in July, the worst monthly decline in 18 years, underlining a persistent slowdown in demand and triggering fresh calls for government action to revive the sector.

Data from the Society of Indian Automobile Manufacturers showed sales of passenger vehicles totaled 200,790 units in July after falling for the ninth consecutive month. Sales of sport utility vehicles fell more than 15%, while passenger car sales slumped 36%.

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