Just two years ago, India's huge car market was booming and global players were rushing to invest. Now it's been slammed into reverse. Sales of passenger vehicles plunged 31% in July, according to figures released by the Society of Indian Automobile Manufacturers (SIAM). It's the ninth straight month of declines and the sharpest one-month drop in more than 18 years.

          But the country's biggest carmakers are now struggling. New safety and emission regulations have driven up prices, troubles among India's consumer finance providers have hit lending and a broader economic slowdown has made consumers reluctant to spend.

          Maruti Suzuki, which accounts for roughly half the passenger cars sold in India, reported a 36.7% drop in vehicle sales in July. Sales at Tata Motors (TTM), which owns Britain's biggest carmaker Jaguar Land Rover, plunged 31%.

          Mahindra & Mahindra (MAHMF), the leading Indian manufacturer of electric vehicles, suffered a 17% slump. It said last week that it would have "no production days" at several plants for up to 14 days this quarter to manage falling sales.

          Global rivals are also suffering. South Korea's Hyundai (HYMTF), the No.2 player in India, saw its sales fall 10% in July compared to the same month last year, while Japanese giant Toyota (TM) fell 24%.

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