Reverse Gear: August auto sales slump 23.55%

The sales slump continued to dent the Indian automobile industry in August as the overall sectoral off-take in the domestic market plunged 23.55 percent.

The industry which is suffering from high GST rate and lack of adequate liquidity had recorded a slump of 18.71 percent 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 percent in August to 1,821,490 units from 2,382,436 units sold during the corresponding month of the previous year.

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