Volvo Trucks recorded sales of 76 units against 121 units a year ago, down 37.2 per cent.
M&M's Managing Director Pawan Goenka said that the auto maker has retrenched about 1,500 temporary workers since April 1.
PV production in the April-July period stood at 12,13,281 units as against 13,97,404 units in same period last fiscal.
Domestic PV sales also saw the biggest fall in nearly 19 years, slumping by 30.98 pc to 2,00,790 units.
M&M said it would be observing 'no production days' in various plants for 8-14 days during second quarter of 2019-20.
Led by losses in these scrips, the BSE auto index fell 1.07 per cent to close at 16,948.23.