was down 1 per cent, as compared to 0.72 per cent decline in the Nifty50 index. The auto index slipped 2 per cent in intra-day trade today.
from the auto index were down in the range of 3 per cent to 4 per cent. Eicher Motors, Motherson Sumi Systems, Balkrishna Industries, MRF, Hero MotoCorp and Amara Raja Batteries slipped between 1 per cent and 2 per cent on the National Stock Exchange (NSE).
According to Motilal Oswal Securities, the green tax would raise the cost of doing business for small fleet operators operating over eight-year old commercial vehicles (CVs). However, the cost rise wouldn’t be material enough to force them to move to younger vehicles. While the green tax may not spur demand for new vehicles on its own, it can supplement the expected scrappage scheme by deterring purchase of older vehicles and incentivizing scrapping of old vehicles. The expected scrappage policy, along with the green tax, can be effective in spurring demand for new vehicles, the brokerage firm said in sector update.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.