The sector has already culled 3.5 lakh jobs since April.
With MG Hector topping the sales, segment sales grow by 18.3 per cent.
The latest entrants in the automobile sector received a salute from the Indian consumer.
The bank declined to quantify the number of employees who will be hit.
Mahindra XUV300 has become the second best selling SUV in the sub-4m space replacing the Tata Nexon in April 2019.
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