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India's car market just had its worst month in 18 years

New Delhi (CNN Business)Just two years ago, India's huge car market was booming and global players were rushing to invest. Now it's been slammed into reverse.Sales of passenger vehicles plunged 31% in July, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. It's the ninth straight month of declines and the sharpest one-month drop in more than 18 years, SIAM Director General Vishnu Mathur told CNN Business. "This is a very deep sort of a slump that is impacting every segment of the industry," Mathur said. Read more on IndiaRates cut to 9-year low as economy stumblesWalmart is offering free streaming video to fend off AmazonXiaomi loses top spot in India to a Chinese rival This Hyundai SUV is ...
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