M&M slumps ahead of court decision on banning diesel cars in Delhi
Mahindra and Mahindra has fallen 5.9 per cent becoming the top loser on NSE index so far.
By ET Online | Updated:
NEW DELHI: Shares of Mahindra & Mahindra (M&M) slumped 6 per cent in Wednesday’s trade amid brisk selling on fears that the Supreme Court (SC) may pass an order to ban registration of new diesel vehicles of more than two-litre capacity in Delhi.
The scrip tumbled 6.07 per cent to hit a low of Rs 1,210.80 in the morning session and was headed towards its biggest single-day percentage loss since a 6.21 per cent fall that the stock had witnessed on August 24.
The auto counter has been under intense pressure as the scrip has managed to end positive in only two of the past 10 sessions. M&M could be the worst hit among a set of listed auto firms, as most of its models -- including Scorpio, Xylo, XUV500 and Bolero -- are powered by diesel engines of more than 2 litres.
Delhi is the largest passenger vehicle market in India with a 7 per cent market share. As far as luxury cars are concerned, its accounts for 18 per cent of nearly 38,000 luxury cars sold in India annually.
Of this, almost 80 per cent are diesel vehicles. More than half of them have a capacity below 2 litres, said a report in Economic Times.
The scrip tumbled 6.07 per cent to hit a low of Rs 1,210.80 in the morning session and was headed towards its biggest single-day percentage loss since a 6.21 per cent fall that the stock had witnessed on August 24.
The auto counter has been under intense pressure as the scrip has managed to end positive in only two of the past 10 sessions. M&M could be the worst hit among a set of listed auto firms, as most of its models -- including Scorpio, Xylo, XUV500 and Bolero -- are powered by diesel engines of more than 2 litres.
Delhi is the largest passenger vehicle market in India with a 7 per cent market share. As far as luxury cars are concerned, its accounts for 18 per cent of nearly 38,000 luxury cars sold in India annually.
Of this, almost 80 per cent are diesel vehicles. More than half of them have a capacity below 2 litres, said a report in Economic Times.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
