Car Wholesales in India Drop 20%

Factory sales of passenger vehicles in India plunged 20% to 160,300 units last month, the Society of Indian Automobile Manufacturers reports. The drop was the steepest in eight years.

SIAM says commercial vehicle wholesales in April fell 7% to 73,900 units. Year-on-year volumes have been shrinking since July because of tight borrowing credit and slumping demand in rural markets.

The trade group predicts an upturn by July that will result in a full fiscal year increase in wholesales of 3%-5%.