Hero MotoCorp, India's largest manufacturer of motorcycles and scooters reported a drop of 40% in sales for the month of November. In a statement released to the exchanges Hero Moto said it sold 3.49 lakh vehicles vs 5.91 lakh vehicles in the same month last year.
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According to the company, delay in harvesting due to the late withdrawal of monsoon in many parts of the country, impacted the demand after the festive season. But the management remains optimistic stating "With the economy gradually opening up coupled with several other positive indicators, such as encouraging farm activity, confident consumer index and marriage season, a swift revival in sales is expected in the fourth quarter."
It is not just Hero that has hit a speed bump in sales, competitor Bajaj also reported a fall in sales for November, though a smaller one with a 10% drop. While south based TVS Motor reported a 29% drop in it's 2 wheeler sales as well.