M&M hits fast track on Ford stake sale

DALAL STREET SPIKES

Tractor major Mahindra & Mahindra (M&M) was in the limelight on Wednesday, gaining nearly two per cent to Rs 485.20 at close after the company informed that it has sold its 15.88 per cent stake in Ford India.

The stock of the tractor major, which was under selling pressure amid profit booking across-the-board, witnessed renewed buying in Wednesday's trading. Also, in a cross deal the US-based Ford sold its 5.1 per cent stake in M&M.

M&M on Wednesday said that its relationship with Ford has served an important purpose for nearly a decade.

Both the companies on Wednesday operate in a much different business environment and the time has arrived for the firms to manage their goals independently.

The company values its relationship with Ford and the contribution Ford has made in bringing its international expertise in vehicle manufacturing and inculcation of its quality standards in its workforce.