The mid-year end-of-season sales traditionally commence in mid-June and extend through July end. Some items receive substantial markdowns approaching the Independence Day weekend.
Meanwhile, the stock is still below its pre-Brexit levels. On June 23, i.e. before the day of UK vote counting, it closed at Rs 488 (up 3.3 percent) on hopes of Britain staying in European Union but in following three consecutive days, it fell 10 percent on concerns over its growth after United Kingdom's vote to leave the EU.
Domestic business has registered a 9.4 percent growth at 2.04 lakh units while exports fell 10 percent to 1.43 lakh units in May.
The growth was entirely driven by medium & heavy commercial vehicle (MHCV) sales but fell short of expectations. Motilal Oswal had expected 11.5 percent growth and Nomura at 18.4 percent (with 20.4 percent in MHCV and 12.4 percent in LCV segment).
New Delhi-based company has sold 5,771 vehicles in May, a growth of 43 percent over 4,035 units sold in year-ago period. The month-on-month growth in sales was 7 percent.
Homegrown automaker Bajaj Auto said its May monthly sales stood were down 2 percent to 3.45 lakh, compared to 3.51 lakh year-on-year.
Mahindra & Mahindra said domestic tractor sales fell 21 percent to 18,245 units in May against 23,132 units in the same month last year while tractor exports grew by 25 percent to 1,012 units during the same period.