Our interactions with leading channel partners indicate sharp decline in MoM retails led by regional lockdowns, supply challenges for few OEMs and lower footfalls (-45-50%) in key festive/ marriage season. Unlike last year, this time rural sales are also impacted as retails and urban are expected to decline 4042% and 60-62% MoM respectively. Consequently, we expect wholesale for the month of April'21 to decline 15-20% MoM across segments. While lower retails helped PV OEMs to catch up inventory levels (13-15 days' v/s < 7 days in Mar'21), 2W inventory remained high at 5-7 weeks. Also, with local mandis still operating followed by anticipated healthy monsoon and decent festive...