The sudden and severe onset of the second wave of the pandemic in the country has derailed the recovery momentum of auto makers and auto-ancillaries to an extent. As a result, the ratings agency Icra has downgraded the growth estimates for most of the automotive segments, it said in a release on Thursday.
“The second wave of the pandemic, the intensity of which has taken the entire country by surprise, is expected to impact near-term automobile purchases, across segments, said Shamsher Dewan, Vice President & Group Head, Icra Ratings.
Amid lockdowns and curbs by various state governments, auto and component makers have