Mahindra & Mahindra, Tata Motors fall on duty hike proposal for SUVs
- Patna High Court stays Nitish Kumar's election as JD(U) legislature party chief
- Arvind Kejriwal gets down to business, calls for full statehood for Delhi
- President Pranab Mukherjee warns against deviation from constitutional principles
- Sunanda Pushkar murder case: SIT to quiz Shashi Tharoor tomorrow
- Shanti Bhushan accuses Arvind Kejriwal of accepting 'tainted' money
Shares of Mahindra & Mahindra and Tata Motors today fell by nearly 2 per cent after Finance Minister P Chidambaram proposed to increase the excise duty on all sports utility vehicles.
Mahindra & Mahindra lost 1.63 per cent to Rs 876.75. Tata Motors also fell by 1.78 per cent to Rs 280.90 on the BSE. Finance Minister P Chidambaram today proposed to increase the excise duty on all sports utility vehicles and hiked the import rates of all luxury vehicles, including super bikes.
"SUVs occupy greater road and parking space and ought to bear a higher tax. I propose to increase the excise duty on SUVs from 27 per cent to 30 per cent. However, the increase will not apply to SUVs registered as taxis," he said during
his Budget speech.
A sport utility vehicle (SUV) is a vehicle similar to a station wagon or estate car, usually equipped with four-wheel drive for on and off-road ability. In highly volatile trade, the BSE benchmark Sensex was trading at 19,164.89, up 12.48 per cent in afternoon trade.