Mahindra Shares Nose Dive Over 6% After Automaker Slashes Prices On Vehicles

Mahindra Shares Nose Dive Over 6% After Automaker Slashes Prices On Vehicles

Mahindra and Mahindra, one of the country's largest automakers, have not had the best day at the equity markets, as the company's shares declined by over 6 per cent on Wednesday, July 10.

Juviraj AnchilUpdated: Wednesday, July 10, 2024, 02:44 PM IST
article-image

While markets this week have been eagerly waiting for the quarterly results for the first quarter of FY25, other developments are causing ripple effects across the board for many companies at Dalal Street.

Mahindra and Mahindra, one of the country's largest automakers, have not had the best day at the equity markets, as the company's shares declined by over 7 per cent on Wednesday, July 10.

Mahindra Slashes Prices on XUV700

This comes just a day after the company, along with other automakers, announced a drop in the prices of its coveted SUVs. As a part of the third anniversary of the car company's XUV700, the car's price has been slashed by Rs. 2.2 lakh. With this, the price of the vehicle has been brought down to Rs. 19.69 lakh from its previous price of Rs 21.44 lakh.

It was not just Mahindra that slashed their price, but Tata Motors also followed suit. Tata slashed Rs 70,000 on some of its select models.

In addition, Tata Motors shares also dropped by 1.21 per cent in the intraday trade on Wednesday, July 10, taking the overall value of each share to 1,002.65. In fact, the company shares have gained 0.76 per cent over the past few days.

In addition, Tata Motors shares also dropped by 1.21 per cent in the intraday trade on Wednesday, July 10, taking the overall value of each share to 1,002.65. In fact, the company shares have gained 0.76 per cent over the past few days. | Representative image

In addition, Tata Motors shares also dropped by 1.21 per cent in the intraday trade on Wednesday, July 10, taking the overall value of each share to 1,002.65. In fact, the company shares have gained 0.76 per cent over the past few days.

In the later hours of the day, Mahindra, according to reports, claimed that this decrease in prices was part of the company's business strategy.

At the beginning of the month, the company also released its monthly auto sales data, in which the automaker's domestic cumulative passenger vehicle sales for June 2024 stood at 40,022 units, compared to 32,588 units.

Despite the recovery, the company shares continued to remain in red, with Mahindra and Mahindra shares declining by 6.86 per cent or Rs 200.80, dropping to Rs 2,724.70 at 14:36 IST.

Despite the recovery, the company shares continued to remain in red, with Mahindra and Mahindra shares declining by 6.86 per cent or Rs 200.80, dropping to Rs 2,724.70 at 14:36 IST. |

Mahindra Shares Drop

This meant a 22.81 per cent growth in the sales numbers.

When it came to commercial vehicles, the company's sales dropped slightly from 27,336 units in the previous term to 26,778 units in the recent month, marking a 2 per cent decline.

Despite the recovery, the company shares continued to remain in red, with Mahindra and Mahindra shares declining by 6.86 per cent or Rs 200.80, dropping to Rs 2,724.70 at 14:36 IST.

RECENT STORIES

India Can Become World's 2nd Largest Economy By 2031, Says RBI Deputy Governor Michael D Patra

India Can Become World's 2nd Largest Economy By 2031, Says RBI Deputy Governor Michael D Patra

India's Retail Inflation Climbs To 5.08% In June; Check Key Details Here

India's Retail Inflation Climbs To 5.08% In June; Check Key Details Here

Honda Unveils UK-Exclusive Limited Edition Africa Twin Adventure Roads

Honda Unveils UK-Exclusive Limited Edition Africa Twin Adventure Roads

State Govt Proposes To Amend Maharashtra Stamp Act, Reduce Penalty

State Govt Proposes To Amend Maharashtra Stamp Act, Reduce Penalty

ACKO Provides Expert Guidance On The Things To Consider While Switching Bike Insurance

ACKO Provides Expert Guidance On The Things To Consider While Switching Bike Insurance