Shares in Mahindra & Mahindra, India’s biggest utility vehicle manufacturer, fell as much as 1.4% on Thursday (28 February) after the country’s finance minister proposed increasing excise duty on sports utility vehicles (SUVs).

Shares in Tata Motors, another big SUV player, fell as much as 0.8% after P Chidambaram proposed in the country’s budget for the upcoming financial year that the duty would increase to 30% from 27%, Reuters reported.

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