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.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

The price of Mahindra & Mahindra shares increased by more than 2% on Tuesday, reaching a new high, as analysts continued to express confidence about the company. On the BSE, M&M shares increased by nearly 3% to ₹3,013.50 per.

During its Investor Day presentation, automaker Mahindra & Mahindra (M&M) said that it will introduce 23 new cars by 2030, including new SUVs. The market share of M&M for SUVs increased from 15% in FY21 to 18% in FY24.

By the end of the decade, the company also plans on introducing seven Born Electric Vehicles (BEV). Three feature-rich BEVs with a high range—the E8, E9 and BE.5—were on show. This demonstrated the focus on performance and aspirational value.

As of 10;20 AM, Mahindra & Mahindra share jumps 2.47% to Rs.3000.55 on NSE.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.