Shares in Tata Motors slipped 3 percent intraday on December 22 after the company announced a price hike across its commercial vehicle range, effective January 01, 2021.

The steady rise in material and other input costs, the impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles.

The company had so far been absorbing the addition in costs but with their steady rise in line with the market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions, company said in the release.

The price increase is expected across the portfolio of M&HCV, I&LCV, SCV & Buses. The actual change in price will depend on individual model, variant and fuel type.

At 10.43 am share price of Tata Motors was quoting at Rs 65.80, down Rs 3.31 percent, on the National Stock Exchange.

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