"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," HMSI Senior Vice President, Sales and Marketing, Y S Guleria said in a statement.
Two-wheeler sales dropped by 50 per cent in the first 3-4 days of announcement. But recovery started in the second week and by the end of month, the company's sales returned to almost 80 per cent of normal level with South, West and East leading the recovery, he added.
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