Tata Motors has announced a hike of up to Rs. 35,000 on its commercial and passenger vehicles.
“The price hike is proportionate to the increase in the corresponding excise duty announced in the Union Budget,” said a Tata Motors spokesperson.
The budget hiked the excise duty from 10 per cent to 12 per cent. The company upped the prices on March 16.
The increase in prices could be anywhere between Rs 2,000 and Rs 35,000 depending on the model, the spokesperson added.
The passenger car segment will see a price hike of Rs 2,000-8,000, while utility vehicle segment will see hikes in the Rs 8,000-35,000 range. The company did not give details regarding model-wise hike in prices.
The company sells Nano, Indica and Indigo series of cars under its passenger car division. The utility car segment comprises vehicles such as Safari, Sumo and Aria. The company sells Ace, Winger, LPT and SFC series among others.
The Tata Motors scrip was down 1.1 per cent on the BSE to end the day at Rs. 283.55 per share. On the NSE, the scrip was down 1.3 per cent to close at Rs. 282.85 a piece.