Forex losses pile up for automakers
The impact of the global economic crisis was evident on the automakers’ earnings report card on Thursday. Ashok Leyland was the first to report mark-to-market loss on account of foreign loans. Earlier the auto sector was believed to be the only sector, whose balance sheet was unscathed by the market-to-market losses. But now the carmakers, too are reporting losses from foreign currency loans, which are eating into their earnings.
