With losses of around 7%, shares of Mahindra & Mahindra Ltd., which was the best-performing stock on the Nifty 50 index in 2024 so far, are today the top losers on the index.
As of 2:09 pm, Mahindra & Mahindra shares were trading 7.57% lower at ₹2705 on the NSE.
The move comes after a 10% price reduction by the company on its Sports Utility Vehicle (SUV), the XUV700, from ₹21.5 lakh to ₹19.5 lakh ex-showroom.
Tata Motors has slashed the cost of two SUVs, the Harrier and Safari, till July 31 along with M&M. The Harrier’s price dropped from ₹15.5 lakh to ₹15 lakh, and the Safari’s price was reduced from ₹16.2 lakh to ₹15.5 lakh.
Demand for passenger vehicles has recently been under pressure. In June, industrial sales fell significantly. According to FADA data, PV sales declined by 6.77% year on year and 7.18% month on month in June.
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