News Karnataka
Thursday, March 28 2024
Cricket
Business

Slowdown woes: Ashok Leyland temporarily shuts Pantnagar plant

Photo Credit :

ashok leyMumbai: Commercial vehicle maker Ashok Leyland on Monday, July 15, said that owing to the “weak demand and outlook for the industry”, it will close its Pantnagar plant in Uttarakhand for nine days.

“The Company’s Plant situated at Pantnagar will remain closed from July 16, 2019 to July 24, 2019 (both days inclusive), owing to weak demand and outlook for the industry,” Ashok Leyland said in a regulatory filing.

The auto industry has been the worst hit by the massive consumption slowdown and a liquidity crunch in the country. According to industry body SIAM, a slump in vehicle sales has been seen for consecutive months across segments.

For the month of June, domestic passenger car sales declined by 24.07 per cent and the commercial vehicle segment, a measure of growth in the economy, slipped down by 12.27 per cent.

Experts have pointed out that the slowdown has resulted in cut-down in production by some of the OEMs, which is a reflection of the continuing tough conditions in terms of tight liquidity, increased pricing and reduced rural spend.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp