Bajaj Auto Managing Director Rajiv Bajaj came down heavily on the recent demonetisation initiative, stating that it was incorrect to blame the execution as the idea itself was flawed.
"If the solution or the idea is right, it will go like a hot knife through butter but if the idea is not working, for example demonetisation, don't blame execution. I think your idea itself is wrong," Bajaj said at the Nasscom India Leadership Forum 2017.
Bajaj Auto’s sales were impacted by the demonetisation drive, with the government pulling out the ₹500 and ₹1,000 notes out of circulation in an attempt to curb black money.
In January, the Pune-based company’s domestic sales of two- and three-wheelers fell 16 per cent to 1,35,188 units from 1,61,870 units sold during the year-ago period.
In December, Bajaj Auto saw its domestic bike sales dipping by 11 per cent to 1,06,665 vehicles from the year-ago period.
Bajaj Auto had also reported a 4.7 per cent fall in net profit at ₹924.62 crore for the third quarter ended December 31, compared with a net profit of ₹970.61 crore recorded during the year-ago quarter.