Hyundai, Mahindra, 6 others likely to face emission penalties of Rs 7,300 crore
New Delhi, November 28, 2024.
The shares of leading automakers, including Hyundai Motor India and Mahindra & Mahindra (M&M), came under pressure on November 27, 2024, following reports of penalties totalling Rs 7,300 crore. The Union Government imposed these fines on eight carmakers for exceeding the mandated fleet emission levels in FY23, as per Corporate Average Fuel Efficiency (CAFE) norms.
Hyundai and Mahindra Face Hefty PenaltiesThe report, first published by The Indian Express, highlights that Hyundai Motor India faces the steepest penalty of Rs 2,800 crore, accounting for almost 60% of its FY23 profits. Mahindra & Mahindra, another major player in the Indian automobile market, has been slapped with a Rs 1,800 crore fine.
