The auto industry was adversely impacted in Q3 F2017 due to demonetisation with all segments of the industry showing significant drop in demand in the months of November and December 2016. This was in contrast to the overall positive sentiment and demand that prevailed in the period April to October 2016. Industry growth for Cars + UVs dropped to just 1.1 per cent in the months of November and December as against 11.4 per cent for the period April to October. This sudden drop in demand had an adverse impact on the Q3 F2017 industry volumes which de-grew by 1.4 per cent. The festive season in October helped in boosting demand for tractors but overall Q3
saw some pressure on volumes because of demonetisation.