The company attributed the increase to rising input costs and higher commodity prices, with the extent of the hike varying across models.
Ahead of the announcement, shares of Mahindra & Mahindra closed at ₹2,799.30, down ₹30.45 (-1.08%) on the BSE.
The announcement comes as several automakers revise prices to counter rising production costs. Hyundai Motor India Limited (HMIL) earlier this week announced a price hike of up to 3% across its model range from April, citing similar reasons.
Also read: Hyundai Motor India to hike prices by up to 3% from April
On March 17, Maruti Suzuki India Ltd (MSIL) announced a 4% price hike, effective April 1, marking its third increase this year after previous hikes in January and February.
Tata Motors has also confirmed a 2% price increase across its commercial vehicle range from April 1 due to rising raw material and input costs.
In the luxury segment, Mercedes-Benz India is considering another price revision in April if the rupee continues to weaken against the euro, according to Managing Director & CEO Santosh Iyer, PTI reported. The company had already raised prices in January and expects sluggish luxury car sales for at least two more quarters.
