Reverse Gear: August auto sales slump 23.55%

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New Delhi (IANS) The slump in domestic automobile sector continued unabated in August as the overall sectoral off-take plunged 23.55 per cent.

The industry which is suffering from high GST rate and lack of adequate liquidity had recorded a slump of 18.71 per cent in July, the highest monthly sales de-growth in the last 19 years.

On Monday, data furnished by the Society of Indian Automobile Manufacturers (SIAM), showed that total sales of the Indian automobile sector declined by 23.55 per cent during July to 1,821,490 units, from 2,382,436 units sold during the corresponding month of the previous year.
 

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