Eicher Motors races past M&M to become third most-valued auto company

It is now behind Maruti Suzuki and Tata Motors

Eicher Motors, the manufacturer of Royal Enfield motorcycles, has become the third most-valued automobile company in the country after Maruti Suzuki and Tata Motors. 

On Monday, Eicher’s market capitalisation surpassed sports utility vehicle (SUV) major Mahindra and Mahindra’s (M&M)’s, with the latter taking a beating after news of a higher cess on SUVs and large cars under the goods and services tax (GST) regime.

Eicher has quickly moved from being the fifth most-valued automobile company about a week ago to the third position now, triggered by a surge in its stock price. 

A week ago, Eicher had overtaken Pune-headquartered Bajaj