Maruti Announces "No-Production Days" In Haryana Plants Amid Auto Crisis
- Maruti Suzuki India reported a 35.86 per cent decline in its total sales in the domestic market last month.
- Maruti Suzuki produces about one in two of the passenger vehicles sold in the country.
- Its total passenger vehicle sales in the domestic market fell 36.14 per cent to 93,173 vehicles in August.
- The country's auto industry is going through one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly and little sign of a revival anytime soon.
- India's automotive industry is the fourth largest in the world, employing more than 35 million people, directly and indirectly, and accounting for nearly half of the country's manufacturing output.
- Nationwide, according to industry estimates, automakers, component manufacturers and dealers have laid off about 3,50,000 workers since the start of the year, in response to plunging car sales.
- Last month, Maruti Suzuki said it had not renewed the contracts of 3,000 temporary employees, as it battled rising inventory amid a slowdown in demand.
- In July, domestic passenger vehicle sales in the country plunged 30.98 per cent in their worst fall since December 2000, data from industry body SIAM or Society of Indian Automobile Manufacturers showed.
- Maruti Suzuki shares fell as much as 3.72 per cent during the session to Rs 5,824.50 apiece on the BSE.
- At 1:07 pm, Maruti Suzuki shares traded 2.63 per cent lower at Rs 5,890.45 apiece on the BSE, underperforming the benchmark Sensex index which was up 0.25 per cent.
(With inputs from Reuters)
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