Mahindra and Mahindra passenger vehicles log low sales

Automobile-maker Mahindra and Mahindra Ltd. (M&M) Monday said it had sold 39,900 units last month, down by 2,755 units sold in January 2014.

In a statement filed with the Bombay Stock Exchange, the company said it sold 39,930 units (passenger vehicles, utility vehicles, four-wheeler commercial vehicles, trucks and buses) last month as compared with 42,685 units sold during the corresponding month in the previous year.

While the company's utility vehicles, three-wheelers and commercial vehicles logged lower sales, the truck and bus division registered a growth, with 796 units being sold last month, up from 722 units sold in January 2014.

"The first month of 2015 has not been encouraging as the effect of the withdrawal of excise duty is clearly evident. Unfortunately, the segmented recovery, which we were witnessing over the last couple of months has been impacted with the excise duty change," Pravin Shah, chief executive of the automotive division was quoted as saying.