Many companies have suffered losses due to the ban on old notes last year, its consequences were also faced by Mahindra and Mahindra. India's big automobile company Mahindra is going through a bad financial year currently.
It is reported that India's Automobile Industry and Tractor Sector suffered a loss of around Rs 8,000 crore in November and December last year. Mahindra's Managing Director Pawan Goenka said that after the festival season in September and October last year, good sales were seen in the automobile industry but after the announcement of the ban and demonetization, in the first week of November, suddenly they faced many negative effects.
Talking to the media, Managing Director Pawan Goenka said that "we have detected that after the ban, the tractor and auto industry suffered a loss of around Rs 8,000 crore." Goenka says that these figures have been collected according to what has been done before and after the ban on old notes.
It was also studied that after the ban on old notes i.e. demonetization, there was a huge fall in the growth rate. Sales of all types of vehicles declined by 5.48 percent in November. This was the biggest fall in the automobile sector after the 7.73 percent fall in March-2013.
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