Mahindra & Mahindra dropped 6.65% to Rs 2731.30 after the company announced a price reduction for the AX7 range of its popular XUV700 SUV.
The revised ex-showroom prices start at Rs 19.49 lakh for the AX7 variant, down from its original price of Rs 21.54 lakh. This pricing will be valid for four months starting 10 July 2024.The M&M stock has seen significant gains in recent periods, rising 30.57% in the last three months, 67.50% in the past six months, and a remarkable 75% increase over the past year.
The Mahindra Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
M&M's standalone net profit jumped 31.58% to Rs 2,038.21 crore on 11.24% increase in revenue from operations to Rs 25,108.97 crore in Q4 FY24 over Q4 FY23.
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