Mahindra & Mahindra lost 3.11% to Rs 1,297.15 at 15:16 IST on BSE ahead of a GST Council meet scheduled tomorrow, 9 September 2017, with respect to cess hike on SUVs and luxury cars.
Meanwhile, the S&P BSE Sensex was up 27.80 points or 0.09% at 31,690.54.
On the BSE, 71,000 shares were traded on the counter so far as against the average daily volumes of 1.09 lakh shares in the past one quarter. The stock had hit a high of Rs 1,345 and a low of Rs 1,290.10 so far during the day. The stock had hit a 52-week high of Rs 1,501.10 on 8 September 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.
The stock had underperformed the market over the past one month till 7 September 2017, sliding 4.33% compared with the Sensex's 1.89% fall. The stock had also underperformed the market over the past one quarter, declining 6.56% as against the Sensex's 1.25% rise. The scrip had also underperformed the market over the past one year, sliding 10.07% as against the Sensex's 9.46% rise.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
The government had already notified hike in goods and services tax (GST) cess on a range of cars from mid-size to luxury variants to a maximum of 25%, from the earlier 15%.
Mahindra & Mahindra's (M&M) net profit fell 19.8% to Rs 765.96 crore on 4.8% growth in net sales to Rs 11575.71 crore in Q1 June 2017 over Q1 June 2016.
M&M enjoys a leadership position in tractors and utility vehicles in India.
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