Car sales in India’s passenger market fell by nearly 26 percent last month on an annual basis, industry figures show.
It was the once-booming sector’s biggest fall in more than 12 years and the fourth consecutive monthly slide.
Car sales fell by 25.71 percent to 158,513 units in India last month from the same month in 2012, data from the Society of Indian Automobile Manufacturers (SIAM) showed on Monday.
Car sales are down 4.64 percent for the first 11 months of the fiscal year ending in March, it said.
SIAM forecast annual sales would shrink for the first time since 2002-03.
It initially projected a 10-12 percent passenger car sales growth for the year and last month cut its car sales growth forecast for the year that ends on March 31 to 0-1 percent.
India is Asia’s third-largest economy and is forecast to grow by five percent in the current financial year to March 31 – its weakest pace in a decade.
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