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Business

Maruti Suzuki, Mahindra sales fall amid India cash crunch

MUMBAI (NewsRise) - Maruti Suzuki India, Mahindra & Mahindra and Hyundai Motor suffered a fall in sales in December as customers halted vehicle purchases amid a cash crunch triggered by the ban on high-value currency notes.

On Nov. 8, India abruptly banned 500- and 1,000-rupee notes that accounted for about 86% of the currency in circulation in a bid to crack down on unaccounted wealth and fake notes. Many car makers shut down factories for a few days to align production with demand after growth started slipping in November.

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