Maruti Suzuki’s car sales in November fell 0.7%, while exports plunged over 19% in the month. Photo: Ramesh Pathania/Mint
New Delhi: Carmaker Maruti Suzuki India Ltd said on Wednesday it would struggle to meet its target of double-digit sales growth for the financial year. Indian automakers are grappling with high commodity prices and foreign exchange rates, amid weak monthly sales and slowing demand in the domestic market. Maruti Suzuki’s sales in November fell 0.7%, while exports plunged over 19% in the month.
Achieving the double-digit sales growth target for the year “looks to be difficult”, according to R.S. Kalsi, senior executive director, marketing & sales. Maruti Suzuki had said earlier this month that it would raise prices across various car models in January to mitigate the impact of high commodity prices and foreign exchange rates.
At 2.22pm Wednesday, Maruti Suzuki shares were trading 2.03% higher ₹7,914.95 apiece on the BSE while the benchmark Sensex was 0.37% higher at 36,481.63 points.
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