"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.