Any recovery in sales though will be dependent on several factors including extent of pass through of crude prices, BS-VI related price hikes, etc. Post the Coronavirus outbreak, the correction in the auto index is now closer to that witnessed during the 2008 Global Financial Crisis (GFC) period. The index is down 47% currently vs. 55% in 2008. Valuations of select two-wheeler and CV stocks are approaching levels that were witnessed during the GFC.