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The passenger vehicle market felt the jitters of the Government’s move to demonetise high-value currency of notes Rs 500 and Rs 1,000, with wholesale volumes rising by just four per cent last month.
However, some companies, including market leader Maruti Suzuki, Tata Motors and Toyota Kirloskar, managed to post double-digit increase in November, as dealers indulged in building the inventory after Diwali and also brace for the ongoing marriage season.
However, these are wholesale numbers and are not in sync with the real picture at retail level where dealers across the country have suffered an impact of 30-40 per cent in new bookings. The impact of this will be felt shortly.
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