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Mahindra & Mahindra Ltd has announced a price increase ranging from Rs 6,000 to Rs 20,000 covering its passenger and commercial vehicles. The price hike works out to be about 2 per cent across its product portfolio.
The company attributed the increase to higher input costs, devaluation of the Indian rupee and hike in raw material costs, and it would become effective October 1.
Pravin Shah, Chief Executive, Automotive Division of M&M, said the company held back the price increase for a while, but has to effect it because of an all-round increase in costs.
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