Sinks in India’s Automobile sector continues auto world is having the worst time ever in their history. Earlier there was a report that Automakers are not having their best time from the last three months or we can say that after the budget. Many major automobile companies are facing a hard time or we can say that the devil’s luck. Earlier, Auto Mobile sector is facing a hard time for many days. Companies major carmakers companies like TATA and Mahindra, Maruti Suzuki is there are not able to sell their cars in markets that is why companies are cutting temporary jobs like India’s NO 1 Car Maker Company Maruti Suzuki cuts due to the massive sales decline in his passenger vehicles.
There were also reports that Maruti is also faced a decline in its Q1 profit that reported 27.3 per cent year-on-year decline in its net profit at Rs 1,435.50 crore for the first quarter ended June 30, 2019, dented by lower sales volume and higher depreciation expenses. There where also the news Mahindra and Tata said on Friday they would cut production at some plants in response to slowing demand that industry executives say has driven the sector into one of its worst downturns.
Earlier Tata has also shut down some blocks at its Pune plant in Maharashtra main reason for the shut down the plant “challenging external environment Fell of Auto Sector can be seen in the share of Tata Motors and M&M which almost fell between 1.8% and 2.4 %. Due to this shutdown, companies are forced to cut the jobs. Now as per the Reuters, India’s domestic passenger vehicle sales fell for the ninth straight month in July, an auto industry body said on Tuesday, amid a deepening crisis in the country’s automobile sector that has triggered large-scale job losses. Sales of passenger vehicles to car dealers fell 30.9% to 200,790 in July. As per the reports and conditions if the sector is going than the Auto sector have to wait for the time to enjoy the ‘ice on the cake’