Business de-risking in progress to combat soft demand Demand worries continued to weigh on MCI prospects both in India and in Europe. Domestically, while the PV and UV segment have witnessed lower decline than other segments, the CV space continues to remain under stress in particular. M&M;, Tata Motors, Maruti Suzuki, Hero MotoCorp and Bajaj Auto combined form >50% of MCI's India business. The company's India business ex-AEL de-grew 12% YoY in CY19 against blended ~6% fall in volumes at these key clients, highlighting slowing of previous trend of MCI...