BackTata Motors shares fall 2% on price hike announcement
Tata Motors shares closed at Rs454.55, down 2.05% on BSE. On the NSE, the stock settled at ₹455.05, down 1.95%
Premium
New Delhi: Shares of Tata Motors on Monday plunged nearly 2% after the company announced that it will hike prices of its passenger vehicles by up to Rs25,000 from next month in order to offset increased input costs. At close, the stock of the company was quoted at Rs454.55, down 2.05% on BSE.
During the day, the stock had fallen by 2.80% to touch intra-day low of ₹ 51.05. On the NSE, the stock settled at ₹ 455.05, down 1.95%. In the intra-day, the stock had plunged 2.81% to a low of ₹ 51.05. The company will be increasing prices of its passenger vehicles starting from ₹ ,000 up to ₹ 5,000, depending on the model.
The increase is effective from 1 January, Tata Motors said in a statement. “The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a result, we are forced to hike prices of our passenger vehicles," Tata Motors president (passenger vehicle business) Mayank Pareek said.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
