Mahindra, Tata Motors shares fall on SUV duty hike proposal

MUMBAI (Reuters) - Shares in Mahindra & Mahindra , India's biggest utility vehicle manufacturer, fell as much as 1.4 percent on Thursday after the country's finance minister proposed increasing excise duty on sports utility vehicles (SUVs).

Shares in Tata Motors , another big SUV player, fell as much as 0.8 percent after P. Chidambaram proposed in the country's budget for the upcoming financial year that the duty would increase to 30 percent from 27 percent.

(Reporting by Henry Foy; Editing by Jijo Jacob)