Note ban makes Mahindra sales veer off course

The overall PV industry has also seen some softening in the growth after demonetisation

Demonetisation has brought to naught the double-digit growth at the country’s third largest passenger vehicle company, Mahindra & Mahindra.

The Mumbai-headquartered company had grown its domestic volumes by 12 per cent in the first seven months (April-October) of FY17, higher than the industry growth of 11 per cent. However, its growth in the April-February period is down to one per cent while the industry is cruising at a little over nine per cent.

Interestingly, the utility vehicle (UV) segment, where M&M is the largest player, has grown by a much higher rate of about 30 per cent in the first