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M&M skids after announcing price hike

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Mahindra & Mahindra fell 1.71% to Rs 615.25 at 15:11 IST on BSE after the company announced price increase for personal range of vehicles from 1 July 2019.

Meanwhile, S&P BSE Sensex was up 23.97 points or 0.06% at 39,070.31.

On BSE, 1.10 lakh shares were traded in Mahindra & Mahindra (M&M) counter, compared to a 2-week average of 81,000 shares. The share price hit an intraday high of Rs 632 and an intraday low of Rs 608. It hit a 52-week high of Rs 992 on 30 August 2018 and a 52-week low of Rs 598 on 16 May 2019.

M&M announced during the market hours today that effective 1 July 2019, the price of its range of personal vehicles will increase by up to Rs 36,000 across models. This price increase is due to the implementation of AIS 145 Safety Norms across all passenger vehicles in India. The implementation of AIS 145 Safety Norms from 1 July 2019 mandate the fitment of several safety features including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over speed alert for the driver across all passenger vehicle models. Mahindra SUVs that will take a substantial price increase are the Scorpio, Bolero, TUV300 and KUV100 NXT, while brands such as the XUV500 and Marazzo will increase prices marginally.

Mahindra & Mahindra's net profit fell 10.2% to Rs 921.85 crore on a 5.5% rise in net sales to Rs 14,035.16 crore in Q4 March 2019 over Q4 March 2018.

Mahindra & Mahindra is engaged in the manufacture of passenger cars, commercial vehicles and tractors.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 19 2019. 15:20 IST