Mahindra & Mahindra (M&M) shares fell 6.5% to an intraday low of ₹2,653.35 on the NSE, marking their steepest intraday drop in seven months.

M&M shares had slumped 7.79% intraday on July 10, 2024, according to NSE data. The stock is down nearly 8% from the beginning of this year 2025.

With today’s decline, M&M shares have dropped nearly 19% from their 52-week high of ₹3,270.95, reached on February 10. The stock has fallen sharply over the past 10 sessions.

The company’s shares opened at ₹2,815.20 on the NSE on Friday, down marginally by 1% from its previous close of ₹2,839.45.

The Indian government is reportedly preparing to unveil a new EV policy focused on lowering import duties to attract global players like Tesla. Reports suggest Tesla may enter the Indian market through direct imports rather than immediate local manufacturing. These reports may have indirectly contributed to the stock’s decline, though the downturn appears to be part of a broader market correction.

Just this month, the company’s board approved subscribing to the Rights Issues of its listed subsidiaries, Mahindra & Mahindra Financial Services (MMFSL) and Mahindra Lifespace Developers (MLDL), including any additional or unsubscribed shares. MMFSL plans to raise up to ₹3,000 crore, while MLDL aims to raise ₹1,500 crore. MMFSL is a leading non-banking finance company, while MLDL develops residential projects, industrial hubs, integrated cities, and clusters.

The Anand Mahindra-led Mahindra Group holds a leadership position in farm equipment, utility vehicles, IT, and financial services in India and is the world’s largest tractor maker by volume. It also has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.

For FY26, the passenger vehicle segment remains cautious due to affordability concerns, limited tax-cut benefits for lower-income buyers, and potential cost pressures from currency depreciation.

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Mahindra & Mahindra plunges 7%; sharpest fall in 7 months; tanks 19% in 10 sessions