Farming vehicle maker Mahindra & Mahindra (M&M) Thursday reported a decline of 27 percent in its total tractor sales for the month of December, citing negative market sentiments that hurting its sales.
"The tractor industry has been going through a difficult phase and continues to witness de-growth due to negative market sentiments caused by factors such as delayed rains, poor yield and reduced disposable income," said chief executive, farm equipment and two wheeler division Rajesh Jejurikar.
Even as exports of tractors rose by 52 percent during the previous month, domestic sales dipped by 31 percent pulling down its sales figure at 12,474 units. Compared to the sales figure, M&M sold 17,037 units in December 2013.