Mahindra Declares Price Hike, Stock Down

India’s second largest vehicle manufacturing company Mahindra & Mahindra Limited (M&M) has announced a price hike of 0.5% to 2.7% across its range of products effective from first April, 2019.

The price hike will be incurred on its personal & commercial vehicles, which will ultimately result in a swell of Rs5,000 to Rs73,000 across its variants.

The hike was attributed to the record rise in commodity prices this year. The automaker said that while it took efforts to reduce costs, it has not been feasible to hold back the price increase.

On Thursday, the shares of Mahindra & Mahindra Ltd opened at Rs.659 and hit a high and low of Rs662.75 and Rs653.60, respectively on the NSE. The stock closed at Rs655.20, down 0.73 percent with Sensex scaled at 38545-level (up 412pts) and Nifty hit at 11570, up 125 pts.