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FADA: vehicle registration across India falls 89% in May

Business Finance

Capital Market 

Registration of vehicles across India fell 88.9% year-on-year in May as the COVID-19 lockdown remained in place across large parts of the country, the Federation of Automobile Dealers Associations (FADA) said.

Total registration of vehicles across India slumped 88.87% to 2,02,697 units in May 2020 from 18,21,650 units in May 2019.

On a year-on-year (YoY) basis, all vehicle categories register unprecedented de-growth: registration in the two-wheeler fell by 88.8%, three-wheeler by 96.34%, commercial vehicles by 96.63%, passenger vehicles by 86.97% and tractors by 75.58%, respectively.

With an assumption of no further lockdown and continued reopening measures, FADA expects to see a substantial pick-up in auto retail in comparison to May but the overall outlook continues to be grim with projected sales to witness a de-growth upwards of 25% YoY.

The Nifty Auto index shed 0.23% as against 1.27% fall in the Nifty 50 index.

Ashok Leyland (down 2.75%), TVS Motor Company (down 1.9%), Tata Motors (down 1.61%), Maruti Suzuki India (down 1.54%), Eicher Motors (down 0.48%) declined.

Bajaj Auto (up 0.16%), Mahindra & Mahindra (up 0.72%), Escorts (up 0.79%) and Hero MotoCorp (up 1.16%) advanced.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, June 11 2020. 13:02 IST