Domestic automobile demand was in a downtrend due to a host of structural (idle capacity in CV space, higher vehicle ownership costs in PV) and cyclical factors (lower consumer spending, slowing economic activity, challenging financing norms) at play. Consequent OEM dispatches were low with total domestic dispatches down 16.4% YoY (YTDFY20). Among segments, 2-W volumes are down 16% YoY while CV segment volumes are down 23% YoY. This was troublesome for the automobile supply chain with auto ancillary players worst hit given the perils of negative operation leverage. SML was...