It seems that the so called 'People's car' has lost its charm in the country's automobile market as Tata Motor's Nano fails to attract many buyers, with its sales volume witnessing a sharp drop last month.
Nano's sales plummeted by 88 per cent to 948 units in April 2013 from the same month a year ago, the company said in a filing to the Bombay Stock Exchange (BSE).
In April 2012, the company had sold 8,028 units of its Nano model.
Morover, Nano's exports last month were nil, just like in the year ago month.
Nano's sales in FY 2012-13 fell by 27.75 per cent to 53,848 units, down from 74,527 units in FY 2011-12.
The car's exports slumped by 95.21 per cent to 166 units in FY 2012-13 from 3,462 units in the previous year.
Nano was launched with much promise as it was touted as the People's Car at an ex-factory price of just Rs 1 lakh.
However, the Indian automobile industry itself is going through a rough ride as a domestic slowdown, high interest rates and elevated fuel prices keep potential buyers away.
Problems such as plant transfer, an inadequate advertising campaign and dealership network have also added to Nano's woes.