Auto sales likely to fall in 2013/14 - industry body executive
NEW DELHI (Reuters) - India's vehicle sales growth is expected to remain in the negative in the current fiscal year ending March 2014, an industry body executive said on Tuesday, despite car sales rising for the first time in 10 months in August.
Car sales in India rose 15.4 percent in August, as top carmaker Maruti Suzuki's (NSI:MARUTI.NS - News) sales surged on a lower base, but slower economic growth, high fuel and interest costs weighed on demand.
Earlier this month, Tata Motors (NSI:TATAMOTORS) and Mahindra and Mahindra Ltd (NSI:M&M) said domestic sales tumbled in August on rising fuel costs and interest rates, and the industry looks set for more pain as a sharply weaker rupee hits profit margins during key sales months ahead.
(Reporting by Devidutta Tripathy; Editing by Prateek Chatterjee)
