New Delhi: Shares of Mahindra & Mahindra fell nearly 7 per cent on Wednesday after the company cut prices of its SUV models to boost demand.
The stock closed 6.62 per cent lower at Rs 2,732.10 on the BSE. It fell 7.79 percent to Rs 2,697.80 during the day.
It fell 6.68 percent to Rs 2,729.90 on NSE.
The market valuation of the company declined by Rs 24,087.15 crore to Rs 3,39,744.51 crore.
This was the biggest laggard between the BSE Sensex and NSE Nifty firms.
Shares of Tata Motors also fell 0.92 per cent to Rs 1,005.45 on BSE after the company cut prices of its SUV models.
Mahindra & Mahindra said its fully loaded AX7 range of XUV700 now starts at Rs 19.49 lakh, a price cut of over Rs 2 lakh.
Tata Motors has revised the starting prices of its flagship SUVs, Harrier (Rs 14.99 lakh) and Safari (Rs 15.49 lakh) and increased benefits by up to Rs 1.4 lakh on other popular SUV variants.
“With respect to electric vehicles, the never-seen-before benefits on Nexon.ev (up to Rs 1.3 lakh) make it the most accessible ever,” Vivek Srivatsa, chief commercial officer, Tata Passenger Electric Mobility, said in a statement. "
The 30-share BSE benchmark closed at 79,924.77, down 426.87 points or 0.53 per cent. NSE Nifty fell 108.75 points or 0.45 per cent to 24,324.45.
The stock closed 6.62 per cent lower at Rs 2,732.10 on the BSE. It fell 7.79 percent to Rs 2,697.80 during the day.
It fell 6.68 percent to Rs 2,729.90 on NSE.
The market valuation of the company declined by Rs 24,087.15 crore to Rs 3,39,744.51 crore.
This was the biggest laggard between the BSE Sensex and NSE Nifty firms.
Shares of Tata Motors also fell 0.92 per cent to Rs 1,005.45 on BSE after the company cut prices of its SUV models.
Mahindra & Mahindra said its fully loaded AX7 range of XUV700 now starts at Rs 19.49 lakh, a price cut of over Rs 2 lakh.
Tata Motors has revised the starting prices of its flagship SUVs, Harrier (Rs 14.99 lakh) and Safari (Rs 15.49 lakh) and increased benefits by up to Rs 1.4 lakh on other popular SUV variants.
“With respect to electric vehicles, the never-seen-before benefits on Nexon.ev (up to Rs 1.3 lakh) make it the most accessible ever,” Vivek Srivatsa, chief commercial officer, Tata Passenger Electric Mobility, said in a statement. "
The 30-share BSE benchmark closed at 79,924.77, down 426.87 points or 0.53 per cent. NSE Nifty fell 108.75 points or 0.45 per cent to 24,324.45.
