Tata Motors has raised prices of its passenger vehicle range to maximum Rs26,000 depending upon the variant. On Monday, investors had a selling bias on Tata Motors stock after record high rallies last week.
The new price hike has come into effect from January 22, 2021.
Tata Motors said, "Rising input costs and material costs of steel, precious metals and semiconductors have compelled the company to pass on a part of the cost to customers."
As per the regulatory filing, Tata Motors has marginally increased prices from 0 to Rs26,000, depending on the variant.
"Continuing its commitment towards customers, the Company will also offer protection from the price increase to customers who have booked Tata passenger vehicles on or before 21st January," Tata Motors said.
The Tata Group's automobile flagship said, "Tata Motors PV Business has been witnessing strong demand for its ‘New Forever’ range of Cars & SUVs and grew by 39% in FY21 over FY20. In Q3FY21, Tata Motors also registered the highest ever sales in last 33 quarters and continues to work on debottlenecking the supply chain and ramp up its output to meet the increased demand."
At around 11.44 am, Tata Motors traded at Rs282.45 per piece down by 2.4%. The stock has touched an intraday low of Rs278 per piece on Sensex.