The company says that the price hike has been necessitated to partially recover the increase in the price of raw material like steel, tyres and castings
Hinduja Group flagship company Ashok Leyland (ALL) today announced a price hike of its entire range of commercial vehicles by up to Rs50,000 on account of rising input costs with immediate effect, reports PTI.
"This price hike has been necessitated to partially recover the increase in the price of raw materials like steel, tyres, castings, etc," ALL said in a statement.
The company has increased the prices of its medium and heavy commercial vehicles by about three per cent with immediate effect, it added.
This hike will translate into a rise of its product prices between Rs20,000 to Rs50,000, the statement said.
On Tuesday, Ashok Leyland shares declined 0.4% to Rs63 on the BSE, where the benchmark Sensex also declined 1.4% to 17534 points.
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