Mahindra & Mahindra announced a reduction in prices of its prices of its passenger vehicle portfolio ranging from Rs 13,000 to Rs 49,000. The company will also reduce prices of its premium SUV, the Rexton by up to Rs 92,000.
The reduction is due to the lower excise duties announced in its Interim Budget and would be effective immediately.
Pravin Shah, chief executive officer, Automotive Division, Mahindra & Mahindra said, ''We are delighted at the Interim Budget announcements which have been taken to boost the automotive industry. We are confident that the reduction in prices by Mahindra as well as other auto companies would provide the much needed fillip to the auto industry. The prices of our range of commercial vehicles are also being reduced.''
Shares of the company gained Rs 5.5, or 0.59%, to settle at Rs 940.55. The total volume of shares traded was 55,587 at the BSE (Wednesday).