Mahindra & Mahindra share price drops by over 6%
To begin with, on March 6th, the share price of Mahindra & Mahindra has dropped down by over 6%. So then, the Mumbai-headquartered company had posted poor production and sales numbers for Feb 2020.
Besides, the company’s February production stood down by 56% to 25,643 vehicles against 58,231 units in the year-ago period. Also, the sales have dropped to 43% to 30,083 units against 52,799. While exports remained low at 40% at 1,831 units year-on-year.
Significantly, Mahindra Holidays & Resorts India (MHRIL) came up as a subsidiary of the company. Besides, it came about that Are Villa 1 AB and Are Villa 2 AB have ceased to remain as the subsidiaries. So then, they became the subsidiaries of Holiday Club Sweden AB and in tum of Holiday Club Resorts Oy, Finland and tum of MHRIL.
Consequently, Are Villa 1 AB and Are Villa 2 AB ceased to remain as the subsidiaries of the company from March 4.
Also, Mahindra and Mahindra quoted at Rs 468.00, down Rs 11.25. In other words, it stood down by 2.35% on the Bombay Stock Exchange.
Besides, the Sensex and Nifty traded with a bearish trend today, on March 6th. So then, the Sensex traded in the red with a loss at 893.99 points reached 37,576.62 level with 2.32% down. While Nifty also traded at a loss with 279.55 points reached 10,989.45 level with 2.48% down.
In the border market, the S&P BSE Midcap traded with a loss at 343.57 points reached 14,227.20 level with 2.36 down. While S&P BSE SmallCap also traded with a loss at 261.50 points reached 13,329.87 level with 1.92% up.