Mahindra & Mahindra stock declines sharply. Is XUV700 AX7 price cut cause for this slump?

Mahindra & Mahindra Share Price: The stock of Mahindra & Mahindra fell by over 7.30 per cent on BSE on Wednesday (July 10, 2024) a day after the automaker temporarily cut prices by over Rs 2 lakh of its popular variant- XUV700 AX7.

The stock that closed the session a day ago at Rs 2,925.80 slipped by 7.32 per cent to Wednesday's low of Rs 2,711.75.

Mahindra & Mahindra shares that started the session at Rs 2,930.05 each were trading lower by 6.60 per cent, or Rs 193.05, at Rs 2,732.75.

Mahindra & Mahindra XUV700 AX7 price cut

The automaker said that ahead of the third anniversary of XUV700's AX7 variant, it has cut the price by over Rs 2 lakh. 

It said the offer is applicable from July 10 (today) and will go on till the next four months. 

After the cut, the Rs 21.54 lakh XUV will be available at a starting price of Rs 19.49 lakh.

The carmaker said, “The Mahindra XUV700’s fully-loaded AX7 range now starting at 19.49 Lakh will enable more people to experience its unmatched driving experience with cutting-edge premium features.”

The SUV recently achieved the milestone of producing 200,000 units. 

Mahindra & Mahindra share price history

The stock of the automaker has soared by 67.66 per cent in the six months and 76.37 per cent in the one year.

Benchmark Nifty 50, meanwhile, has jumped by 12.15 per cent in the six months and 25.27 per cent in the one-year time frame.