Hyundai Motor India Ltd., the second-largest carmaker in the country, experienced a 16% decrease in net profit for the quarter ending September 30 after its recent public listing.
The company's net income was 13.4 billion rupees, which is approximately $159 million.
This decline is a reflection of the overall slowdown in consumer demand in India, which has also affected other players in the automotive industry.
The Indian market is currently facing challenges due to weakening consumption demand, impacting various sectors.
Despite the significant drop in profit, there were not enough brokerage estimates available to establish an average profit forecast for the company.