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Tata Motors reports 48% sales decline in September at 36,376 units

The company had sold a total of 69,991 units in the same month last year, Tata Motors said in a statement

Tata Motors sales | Tata Motors | auto demand

Press Trust of India  |  New Delhi 

Brokerages slashed price targets on Tata Motors after the company reported biggest loss in India’s corporate history. The consensus 12-month price target for the stock is down to Rs 215 from Rs 252 earlier this month. Some brokerages have cut the tar
Tata Motors

on Tuesday reported 48 per cent decline in total sales at 36,376 units in September.

The company had sold a total of 69,991 units in the same month last year, said in a statement.

Total domestic sales were down 50 per cent at 32,376 units as compared to 64,598 units in September last year, it added.

Passenger vehicle sales in the domestic market during the month stood at 8,097 units as against 18,429 units in September last year, a decline of 56 per cent, it added.

Commenting on the sales performance, President, Passenger Vehicles Business Unit Mayank Pareek said the industry continued to decline in September.

"Towards the end of the month, there was an encouraging response in terms of customer footfalls," he added.

Tata Motors said its commercial vehicle sales in the domestic market last month stood at 24,279 units as compared to 46,169 units in the year-ago month, a decline of 47 per cent.

Exports of commercial vehicles were at 3,800 units in September as against 5,250 units in the same month last year, down 27.6 per cent, it said.

"With the ongoing subdued demand, we continued our focus on system stock correction by driving retail and aligning production," Tata Motors President Commercial Vehicles Business Unit Girish Wagh said.

"We are monitoring the impact of the relief package announced by the government, and look forward to improved demand from revival in consumption and spend in infrastructure projects," he added.

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First Published: Tue, October 01 2019. 17:55 IST