Besides, the demonetisation of high currency notes would only impact sale of luxury cars in the country, it noted.
Exports during the month grew by 22 per cent to 2,685 units as against 2,207 units in November last year, the company said.
Monthly sales from trucks manufacturer Ashok Leyland Ltd and tractor maker Escorts gained from a year earlier but fell 23.6 percent and 45.8 percent, respectively, from October.
According to Fitch, the demonetisation of 500/1,000-rupee notes would impact sales of luxury cars and not sales of other automobiles -- two wheelers, small cars and commercial vehicles.
The Indian-owned carmaker built just under a third of Britain's 1.6 million cars last year and showcased its first electric car earlier this month, which will be built in Austria.
The Chennai-based firm has acquired Ashok Leyland Nissan-Vehicles Ltd, Nissan-Ashok Leyland Powertrain Ltd and Nissan-Ashok Leyland Technologies Ltd.
Mahindra and Mahindra is the only Indian firm that makes electric cars, but sales have been softer than expected.
Tata Sons had asked Tata Motors on November 10 to convene an EGM for passing a resolution for removal of Mr Mistry and Mr Wadia as directors.
Renault, Nissan and Honda have tied up with banks and e-wallets firms to offer cashless facilities and fully financed car loans.
Maruti Suzuki India (MSI) continued to hold sway in the domestic passenger vehicles (PVs) market in October with seven of its models featuring among the top 10 selling brands last month.
Europe's largest automaker is trying to increase savings at its biggest unit in Germany.
The company said cleaner diesel and petrol engines and plug-in hybrid vehicles were also part of its plans.
Toyota will pay up to $3.4 billion to settle a class action lawsuit brought by US pickup truck and SUV owners whose vehicles lacked adequate rust protection.
Ford Motor Co is investing Rs 1,300 crore ($195 million) over the next five years in a technology and business centre in the Indian city of Chennai to develop new products, design mobility solutions and provide business services.
The GST Council is likely to decide on the definition of luxury cars and the incidence of cess at its next meeting later this month.
The investigation is the latest fallout from Volkswagen's admission last year that it cheated on diesel emissions tests.
Tata Motors, part of India's Tata group, defended its strategy for producing the Rs 1 lakh Nano but shied away from commenting on the loss-making car's future.