Mahindra & Mahindra Ltd. (M&M), part of the USD 20.7 billion Mahindra Group, today announced that effective July 1, 2019, the price of its range of personal vehicles will increase by up to Rs. 36,000 across models. This price increase is due to the implementation of AIS 145 Safety Norms across all passenger vehicles in India.
The implementation of AIS 145 Safety Norms from July 1, 2019 mandate the fitment of several safety features including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over speed alert for the driver across all passenger vehicle models. Mahindra SUVs that will take a substantial price increase are the Scorpio, Bolero, TUV300 and KUV100 NXT, while brands such as the XUV500 and Marazzo will increase prices marginally.
According to Rajan Wadhera, President - Automotive Sector, M&M Ltd., "At Mahindra safety has been at the core of our product development process and we welcome the regulatory requirements relating to safety upgrades. We value every road user's life and have been effectively contributing to the evolving safety ecosystem. However, the safety regulatory requirement has led to some cost increases. Consequently, we are taking a price hike across some of our passenger vehicles, effective July 1, 2019."
Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.627.05 as compared to the previous close of Rs. 624.2. The total number of shares traded during the day was 91402 in over 2244 trades.
The stock hit an intraday high of Rs. 629.1 and intraday low of 620. The net turnover during the day was Rs. 57201762.