India car sales up 2.8% in May

Car sales in India rose an annual 2.8% in May, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Monday. It was the seventh consecutive monthly increase for car sales but results were far below industry expectations, with demand hit by a hike in excise duty on the vehicles, as well as high interest rates and rising fuel prices. Manufacturers had hoped for a rebound from just 2.2% sales growth in the year that ended in March.