Business

Mahindra & Mahindra Sales Drop 55% In June


Mahindra sold 19,358 vehicles in June

Automobile major Mahindra & Mahindra posted a 55 per cent decline in vehicle sales in June, as compared to the same month last year. However, compared to May, the sales have more than doubled, as per data provided by the company to the bourses. According to the data, the company sold 19,358 units of vehicles in June, including 8,075 passenger and 10,417 commercial vehicles. In June last year, the company had sold  42,547 units, while last month Mahindra sold 9,076 vehicles. In April, the first month of coronavirus lockdown the company had reported zero sales.

“The automotive industry has started to see recovery both in the passenger and small commercial vehicle segments. This has been led primarily by rising rural demand and movement of essential goods across the country,” said Veejay Nakra, chief executive officer-Automotive Division, M&M.

Mr Nakra also said that managing the supply chain will further ramp up the production to meet demand.

Mahindra & Mahindra shares ended 2.18 per cent lower at Rs 499.55 apiece on the BSE.



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