M&M up 12% after it rejects plan to infuse fresh equity in South Korean-arm

The company's board has turned down a proposal to pump in fresh equity of $406 million in its ailing South Korean subsidiary SsangYong Motor Co amid coronavirus crisis

Shares of Mahindra & Mahindra (M&M) jumped 12 per cent at Rs 316 on the BSE on Tuesday after the company’s board turned down a proposal to pump in fresh equity of $406 million in its ailing South Korean subsidiary SsangYong Motor Co (SYMC) amid the ongoing Covid-19 crisis.

“Given the current and projected cash flows, the M&M Board took a decision that the company will not be able to inject any fresh equity into SYMC and has urged SYMC to find alternate sources of funding,” the company said in a regulatory filing on Friday after market hours. The Indian auto