Indian automaker Tata Motors Ltd will be increasing the prices of its commercial vehicles by up to 2% from January to partly offset a steep rise in input costs, the company said in a stock exchange filing on Tuesday.
“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,” the company added.
The price increase will vary across models and variants, but will be applicable across all commercial vehicles, it said in a statement.
Shares of Tata Motors, up 1.2% at Rs 419.3 a scrip, were largely steady post the announcement.
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