Our channel checks indicate near-term demand concerns due to tight liquidity conditions for business community and increasing vehicle prices. The volume performance is expected to gradually improve after elections, and single-digit growth likely in FY20. Dealer inventory days have increased to 45-50 days, in comparison with normal levels of 20-30 days, and is expected to reduce in the coming months due to lower offtake from OEMs and sequential demand improvement due to the marriage/festive season. However, MSIL is expected to sustain market share over next 1-2 years due to new products, network expansion, and shifting customer preferences toward petrol vehicles....