Currency Scrappage: Hero MotoCorp Sees Decline In Footfalls At Showroom

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India's largest two-wheeler maker, Hero MotoCorp saw a sudden decline of footfalls at company's dealerships due to demonetisation. In the festive season, the manufacturer registered record sales in the country.

Pawan Munjal, CMD, Hero MotoCorp said, "At our dealerships in the first two days, the footfall was just 15% of what it was in October, now it has reached 50% and in the next few days, hopefully, we'll get back to the original 100% (levels)."

Munjal said about this issue in a seminar on ‘Gatekeepers of Governance', a corporate governance summit.

The central government banned the currency notes of Rs 500 and Rs 1,000 on November 8. Since the ban, the auto sector saw a steep decline in its growth as people have been struggling to surrender old notes in the banks.

In the festive season, the sales of the two-wheelers grew 16 percent. Hero sold over 6,74,000 units in September and achieved a growth of 3.64% in sales in October.

Munjal also explained about the benefits of currency ban. "Nothing better could have happened for the nation. It's a visionary move, a long-term move. Whenever a visionary move is taken in the interest of the nation, there is bound to be some pain," he said.

He added, "But I am willing to bear the pain for the next few days, even for the next few weeks because, in the end, we'll all be happy."

Read more on: #hero motocorp #auto news
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