Shares of Tata Motors today plunged nearly 2 per cent after the company announced that it will hike prices of its passenger vehicles by up to Rs 25,000 from next month in order to offset increased input costs.
At close, the stock of the company was quoted at Rs 454.55, down 2.05 per cent on BSE. During the day, the stock had fallen by 2.80 per cent to touch intra-day low of Rs 451.05.
On the NSE, the stock settled at Rs 455.05, down 1.95 per cent. In the intra-day, the stock had plunged 2.81 per cent to a low of Rs 451.05.
The company will be increasing prices of its passenger vehicles starting from Rs 5,000 up to Rs 25,000, depending on the model. The increase is effective from January 1, Tata Motors said in a statement.
"The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a result, we are forced to hike prices of our passenger vehicles," Tata Motors President (passenger vehicle business) Mayank Pareek said.
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