Indian multinational automotive manufacturing company, Tata Motors Limited said on Friday that the company would increase the price of its passenger vehicles by 1.2% weighted average basis from February 1, as input costs rise.
Tata Motors said it has been "absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike."
Earlier this month, rival and India's top car maker Maruti Suzuki raised prices by an average of 1.1% across its models, blaming similar cost pressures.
India has mandated automakers to comply with stricter fuel efficiency norms from April this year and will also require all cars to have six airbags by October.
Reacting the development, on Friday weeked, shares of Tata Motors’ shares closed 6.34% higher at Rs 445.55 apiece on Bombay Stock Exchange on yet another day of market carnage as benchmark indices closed around 1.5 percent lower.
Top India business news development today 20 January 2023
AutoExpo 2023: Tata Tiago EV Blitz to launch soon
Adani Group calls Hindenburg report 'malicious', Here is why?