November 9, 2018 / 8:50 AM / 10 days ago

India's October domestic passenger vehicle sales rise marginally

A Tata Tigor car is pictured at the assembly line inside the Tata Motors car plant in Sanand, on the outskirts of Ahmedabad, August 7, 2018. REUTERS/Amit Dave/File Photo

(Reuters) - India’s domestic passenger vehicle sales grew marginally on a year-on-year basis in October, an industry body said on Friday, the first time in four months when rising prices and lending curbs have hurt demand.

India is one of the world’s fastest growing passenger car markets, but rising fuel prices and higher interest rates have hurt sales.

A weak rupee and liquidity crunch in the shadow banking sector have taken a bite out of growth in carmakers’ sales during the country’s heaviest shopping weeks around the Hindu festival Diwali.

Total passenger vehicle sales in October rose to 284,224 from 279,877 a year earlier, data from the Society of Indian Automobile Manufacturers (SIAM) showed on Friday.

Domestic sales of cars rose marginally to 185,400, while those of two-wheelers showed some uptick, rising 17.2 percent to 2,053,497.

Reporting by Tanvi Mehta in Bengaluru; Editing by Gopakumar Warrier

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