States, although it has made progress turning around Ssangyong Motor Co, a money-losing South Korean SUV maker it bought for $460 million in March 2011.
It has been looking for acquisitions to expand its portfolio and gain access to new markets. Earlier this year, it was reported to be interested in buying at least part of Swedish carmaker Saab Automobile, later bought by a consortium.
Shares in Mahindra ended down 3.35 percent on Monday to close at 922.05 after hitting a record high earlier in the day. The broader market closed 0.16 percent higher.