NEW DELHI, Jan. 24 -- After a double-digit drop in the preceding five quarters, the decline in auto sales moderated in the December quarter (Q3). Of course, performance differed across segments. Passenger vehicle sales led by market leaders Maruti Suzuki India Ltd and Hyundai Motor India Ltd were flat.
But commercial vehicle (CV) sales disappointed, with a 22% drop year-on-year, and so did two-wheeler sales, which fell 13% from a year ago. While the macroeconomic slowdown and higher axle-load norms weighed on CV demand, two-wheeler sales fell due to rural distress and rising unemployment.
Further, high discounts and marketing offers were doled out by all manufacturers to clear inventory of BS-IV vehicles. This is bound to impact average r...