Mahindra & Mahindra Share Price Latest: Shares of Mahindra & Mahindra on Wednesday declined as much as Rs 156 or 5.38 per cent at Rs 2,768 apiece on the BSE in the early trade. The decline in the shares comes after the company reduced the prices of its sports utility vehicle XUV 700 by Rs 2 lakh.
According to a market expert, “Mahindra and Mahindra’s vehicle price cut comes after few other auto companies cut their prices. Though Mahindra said it is reducing the rates to celebrate the third anniversary of its flagship XUV700, it in fact shows an excess inventory in the auto industry. Auto companies are decreasing prices to clear their unsold inventories. Investors have got concerned with that.”
Mahindra on Tuesday announced a price reduction on its flagship SUV, the XUV700, spanning a four-month period, in celebration of its third anniversary. The price cut sees prices for the top-spec XUV700 AX7 now starting at Rs 19.49 lakh and going up to Rs 24.99 lakh (ex-showroom, Delhi).
Shares of Maruti Suzuki, however, were trading up by Rs 418 or 3.3 per cent at Rs 13,238 apiece on the BSE.
The BSE Sensex on Wednesday was in the red territory in the early trade, down by 193 points at 80,161 points, as of 9:55 am. The NSE Nifty was also down by 55 points at 24,375 in the opening trade.
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