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Mallika Srinivasan,Chairman and MD
Last year in August, Srinivasan gave up the CEO’s post as part of an internal restructuring at the tractor major. Financial year 2019-20 was tough for tractor manufacturers in India, with sales contracting by over 10%, due to declining rural income. The Covid-19-induced lockdown in the later part of March did not help matters, coming as it did at the beginning of the festive season. Tractor sales were down by around 50% in March alone, it was reported. TAFE was among the hardest hit in the maelstrom, with its sales declining by 17% in FY20.