Auto sector stocks: In the stock market today, on Friday 21 February, the shares of major auto companies including Tata Motors, Mahindra & Mahindra and Hyundai Motor India have seen a decline of up to 6 per cent. There is a news behind this decline in the stock. Actually, according to some media reports, it is being said that the government can soon make the rules easier about EV. If this happens, the way will be cleared for foreign players. In such a situation, there will be strict competition for Indian vehicle manufacturers.
What is complete information?
Let us tell you that Allen Musk’s car company Tesla has intensified efforts to sell cars in India. According to a report by Moneycontrol, Alan Musk’s Tesla Inc. may enter the Indian market through direct imports. To facilitate Tesla’s entry into India, the government is considering reducing import duty for EV along with relaxing EV import rules. More relief can be provided in fees to attract major global EV companies. The move to reduce import duty on electric vehicles indicates possible changes in policy to attract foreign companies and increase India’s presence in the global supply chain.
Stock status:
The M&M shares saw the biggest one -day decline in about 7 months and it came to Rs 2653. Tata Motors shares were trading 2 percent to Rs 676, while Hyundai Motor India fell 2.5 percent to Rs 1,875. But later Hyundai’s stock improved. But Geojit Financial has advised that Tesla will not be able to equal M&M in terms of pricing, distribution and service.
