Hero MotoCorp's January sales down 9.15%

Two-wheeler major Hero MotoCorp on Saturday reported a decline of 9.15 per cent in its sales for January 2019.

According to the company, sales during last month declined to 582,756 units from 641,501 units reported for the corresponding month of last year.

"The weak market sentiment from the previous quarter spilled over to January and continued to dampen sales. The industry has been witnessing lower retail off-take in the past few months due to multiple factors, like the credit crunch and higher two-wheeler insurance costs," the company said in a statement.

"However, the customer sentiment has begun to improve in the past two weeks, and the company expects sales to pick-up in this quarter, which has traditionally been a phase of positive sales."

As per the company`s statement the Interim Budget - with the direct benefit scheme for the farmers and the income tax exemptions for a portion of the middle class - will drive consumption and help the rural economy, thereby giving a boost to the two-wheeler industry.