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Japanese two-wheeler maker Honda Motorcycle and Scooter India Pvt Ltd on Thursday said it closed last month selling 3,25,448 units, compared to 3,26,466 units sold in November 2015. "Compared to festival buying in November last year, this year the industry was prepared for an organic correction in November. However, demonetisation announcement took everyone by surprise.
Two-wheeler sales dropped by 50% in the first 3-4 days of the announcement."But recovery started week two and by the end of month, Honda's all India sales returned to almost 80% of normal level with South, West and East-leading the recovery," Y S Guleria, Senior Vice-President-Sales and Marketing was quoted as saying in the statement. "Looking ahead, we remain cautious on recovery forecast next month as December is traditionally a lean sales month," the company said.