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Saturday 22 Feb, 2025 12:27 PM

ICRA downgrades ratings of Fusion Finance to 'A-' with 'negative' outlook Bharti Airtel board OKs to acquire additional 5% stake in Airtel Africa Jio Financial, Zomato to become part of Nifty 50 index Lupin gets EIR from USFDA for New Jersey facility Granules India's board OKs to acquire 100% stake in Senn Chemicals AG Agarwal Industrial bags bitumen supply contract from BPCL Pfizer partners with Mylan for marketing of Ativan and Pacitane One MobiKwik to acquire 3.39% stake in Blostem Fintech Religare Enterprises surges after Burman Family secures majority control Mahindra & Mahindra Ltd leads losers in 'A' group FCS Software Solutions Ltd leads losers in 'B' group DEV IT jumps on bagging order from Rajya Sabha Secretariat Volumes jump at Godrej Industries Ltd counter Consumer goods stocks edge lower Healthcare shares fall

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Auto stocks take a hit amid speculation of EV import duty cut

21-Feb-25 13:22 Hrs IST

The reports indicate that the government might slash the duty from the current 110% to 15% as part of a new EV policy. This speculation has intensified with growing anticipation of US-based Tesla's entry into the Indian market.

The prospect of increased competition from imported EVs, particularly from a major player like Tesla, appears to have rattled investors, leading to a sell-off in auto stocks.

The Nifty Auto index is currently down 2.50% at 21,523.95. Mahindra & Mahindra (M&M) (down 5.99%), TVS Motor Company (down 3.97%), Tata Motors (down 2.30%), Ashok Leyland (down 1.76%), Hero Motor Company (down 1.47%), Bajaj Auto (down 1.28%) and Maruti Suzuki India (down 0.71%) slumped.

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