New Delhi, July 16 (IANS) Tight liquidity conditions, along with a delay in Monsoon, dented consumer sentiment and dragged passenger vehicle (PV) retail sales lower by 4.6 per cent on a year-on-year basis in June.
According to data furnished by Federation of Automobile Dealers Associations (FADA), passenger vehicle retail sales last month declined to 224,755 units from 235,539 units reported for the corresponding month of previous fiscal.
On the month-on-month basis, passenger vehicle retail sales were lower by 11.3 per cent to 224,755 units from an off-take of 253,529 units in May 2019.
The data also showed that retail sales across categories including PVs, commercial vehicles, two-wheelers and three-wheelers were lower by 5.4 per cent on a year-on-year basis.
Sales declined to 16,46,776 units from 17,40,524 units reported for the corresponding month of previous fiscal.
“Despite starting the month with a positive outlook and hope, the monthly sales ended in a de-growth due to continued liquidity tightness and a much-delayed monsoon,” FADA President Ashish Harsharaj Kale said.
“Despite inquiry levels being reasonably strong, retail sales got affected as consumer sentiment continued to be weak and purchase postponement was seen across all segments.”