Mahindra & Mahindra (M&M) has announced a proactive inspection of premature wear of engine parts due to contaminated fuel in a suspect batch of less than 600 vehicles.
M&M announced proactive inspection and replacement of diesel engines in some of its vehicles manufactured at Nashik factory for suspicion of premature wear of engine parts due to contaminated fuel that was received in the factory on a particular date, and was filled in the select batch. This is a limited batch of less than 600 vehicles manufactured between 21st June to 2nd July 2021.
The inspection and subsequent rectification will be carried out free of cost for all customers, who will be individually contacted by the company. The company is proactively carrying out this activity. This action is also in compliance with voluntary code on vehicle recall, M&M said in a statement.
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
M&M reported a net profit of Rs 162.54 crore in Q4 FY21 as against a net loss of Rs 3255.02 crore in Q4 FY20. Net revenue from operations increased by 48.1% year-on-year (YoY) to Rs 13,338.15 crore during the quarter.
The M&M scrip shed 0.94% to currently trade at Rs 772.25 on the BSE.
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