Retail Car Sales in India Fall 11%

Registrations of new cars in India between early October and mid-November slid 11% to 2 million units, according to the Federation of Automobile Dealers Assns.

The period covers the Diwali Hindu festival, normally a heavy buying time. FADA blames the slump on tightening credit among nonbank vehicle financing institutions and asks for government help, The Nikkei says.

FADA warns that the unusual drop in demand, a first in many years, has caused a significant increase in dealer inventories that is of “grave concern,” according to the report.