The rich are getting richer and the poor poorer and that is perhaps driving this and something will have to happen to bridge that divide. It is not just for personal mobility but pretty much all durables that are targeting the lower end of the economy are not doing well unlike something at the higher end. We are seeing this as a demand issue across the board. Now these automakers have been able to regain those levels of sales and production cuts, lower usage of capacity determines partly that sentiment where you do not seem to have demand at the lower end of the purchase price scale. We do not own either but there has been a significant decline roughly 2018 when the insurance norms were increased. In fact, there is a very big difference between the demand at the personal vehicle SUV end versus what is happening at Hero MotoCorp or Bajaj Auto. The fact that they have cut production and they see that the capacities are going to be running at 50% right now is not really spelling well not just for Bajaj Auto but the overall sentiment across two-wheelers? Slightly alarming news is coming in from Bajaj Auto. However, in the long run, these changes get removed overall and the debt part of their portfolio, which is a significant part of their portfolio, starts earning higher yields as the debt markets have changed gear,” says Deepak Shenoy, Founder, Capital Mind. “LIC may fall 3.5% to 5% just based on the relative fall in the stocks that they hold in the non-participating policyholder portfolio.

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