Sales of India’s largest carmaker Maruti Suzuki India fell 16 percent in the last financial year as the auto industry, already under pressure from a sluggish economy and thin demand, was hit by the spread of coronavirus.
Maruti, which has a 50 percent share in the Indian passenger car market, sold 1.56 million vehicles in the year ended March 31, compared to 1.86 million in the previous year, the company said on Wednesday.
The coronavirus outbreak has infected nearly 800,000 people worldwide and caused more than 38,800 deaths, according to Reuters. 32 deaths from 1,251 infections so far in India.
To curb the spread of the virus, the government sent India into a 21-day lockdown last week, halting the manufacture of automakers such as Maruti, Mahindra & Mahindra, Ford Motor Co, Toyota Motor Corp, and Hyundai Motor Co.
The Society of Indian Automobile Manufacturers, an industry company, estimates that the plant closure of automakers and auto parts manufacturers will result in a daily revenue loss of $ 23 billion ($ 305 million).
Maruti, which owns Japan’s Suzuki Motor Corp, sold 83,792 units in March, compared to 158,076 units in the year-ago period, but said the numbers were not comparable since it had to discontinue operations in the wake of government orders.
“The shutdown only started last week, so the fall is still steep, although not comparable,” said Shashank Kanodia, an auto analyst at ICICI Securities.