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May auto sales hit speed breaker, at 20-month low

This article was posted on Jun 10, 2011 and is filed under Market News

Rise in fuel costs and increase in interest rate crimp domestic demand.

Domestic auto sales grew at its slowest pace in 20 months in May, industry data showed today, as buyers wary of rising lending rates and fuel prices shunned showrooms.

Sales rose 10.6 per cent in the past month to 1.37 million units from 1.23 million units a year earlier, according to data issued by the Society of Indian Automobile Manufacturers (SIAM). This is the lowest percentage gain since September 2009, when the rise was 9.6 per cent.

SIAM has decided to wait till next month to give a guidance for the whole year, though its president, Pawan Goenka, had earlier said the industry would grow at 14-16 per cent against 16-18 per cent predicted earlier. Fore more visit: Business Standard

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