Mahindra & Mahindra, Tata Motors fall on duty hike proposal for SUVs

Mahindra

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.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.