Tumbling auto sales in May reinforce the gloom surrounding auto firms. This reinforces a weak demand sentiment in the market, even as it implies high inventory and weaker retail sales. It looks like passenger vehicles (PV) and medium and heavy commercial vehicles (M&HCVs) were worst hit. Over the past week, seven out of top ten PV firms have announced prodution cuts for the month of June. Another bad month will imply a weak June quarter performance by auto firms.

Source: Mint June 11, 2019 12:56 UTC