Replacement demand, benign lead prices to support! ARBL's segment mix was at ~75% automotive and ~25% industrial. Replacement demand forms a lion's share of automotive demand at ~70% while OEM demand makes up the rest. The auto OEM space has been witnessing muted demand since Diwali, thereby having a knock-on impact on ancillary players including battery makers. OEM demand is expected to remain subdued in the next few quarters amid vast regulatory changes (ABS, BS-VI) and general slowdown in consumer discretionary expenditure....