Tata Motors on Tuesday said it will increase prices of its commercial vehicle range by up to 2 per cent from January to offset the impact of rising input costs.

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While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles, the auto major said in a statement.

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“The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike,” Tata Motors said in an exchange filing.

The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike, it added.

Tata Motors is the country's leading player in the commercial vehicle segment.

Shares of Tata Motors settled at Rs 418.50 on NSE, BSE, up 1.05 per cent. Year To Date (YTD), Tata Motors shares have declined around 16 per cent.

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