Domestic 2W retails in Jun’23 (1.3mn units) were up ~7% YoY though down 12% MoM, post a strong May’23, as culmination of marriage season, decline in e-2W subsidy impacted overall retails. e-2W retails declined to ~45k units in June vs. ~105k units in May as pre-buying inflated numbers last month on account of price hikes driven by partial subsidy removal.