Mahindra & Mahindra records sharpest intraday fall in 28 months, plunges over 7%
In past eight months, the stock M&M has appreciated by 92 per cent and in the current calendar year 2024, it has rallied 70 per cent.
Shares of Mahindra and Mahindra (M&M) fell 7.3 per cent to ₹2,711.75 on the BSE today (July 10). With this, the stock of the automobile company recorded its sharpest intraday fall in the past 28 months. On February 14, 2022, M&M stock had fallen 8.6 per cent in intraday trade.
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On June 4, M&M stock was down by 7.1 per cent as Lok Sabha election results were declared. In past eight months, the stock M&M has appreciated by 92 per cent and in the current calendar year 2024, it has rallied 70 per cent. Meanwhile, BSE Auto index surged 37 per cent and BSE Sensex gained 10 per cent during the same period.
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Mahindra & Mahindra has slashed the prices of its popular SUV vehicles as the automaker announced special ex-showroom pricing for all the AX7 variants of their XUV700 SUV effective for four months starting July 10. The company reduced the price of the variant to ₹19.49 lakh. The original price of the variant was ₹21.54 lakh.
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The announcement comes to mark the celebration of the XUV700’s third anniversary and the milestone of selling around 200,000 units in less than three years. ICICI Securities and Prabhudas Lilladher have put a ‘Buy’ rating on M&M with a target price of up to ₹3,420 per share.
