in other markets. Egypt and Brazil are the only two markets where M&M’s local partners have a facility to assemble vehicles.
In FY14, M&M’s volumes fell 8% to 2.54 lakh units as diesel car demand dipped on the back of rising fuel prices and increase in the excise duty on SUVs. Exports in the fiscal, however, were up 23% to 7,599 units.
The M&M scrip on the BSE closed 1.66% down at Rs 1,180.80 on Tuesday in a firm market.