Auto, OMC stocks react as Nitin Gadkari seeks a 10% GST hike on diesel vehicles

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[{"selector":"#anim-5d3a5412-a184-4e68-b339-2d166bebf150","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef2d4346-f362-4ee0-89da-dffb1bd9ef34","keyframes":{"transform":["translate3d(0px, 126.86489%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Union Minister Nitin Gadkari, speaking at the 63rd Society of Indian Automobile Manufacturers (SIAM) Convention, requested Finance Minister Nirmala Sitharaman to impose an additional 10% GST on diesel engines and vehicles.

[{"selector":"#anim-6388b70c-6b85-4677-ae19-8c9969105235","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4ee71d20-a794-4649-9750-25eef04a0318","keyframes":{"transform":["translate3d(0px, 139.46361%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Gadkari, who has drafted a letter and intends to meet the FM today (September 12) to request the GST hike, said it is the only way to phase out diesel vehicles.

[{"selector":"#anim-01534fcd-03f9-4b8e-a97f-59a4c5f962b9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e022aa0e-8d31-420a-b803-eecd514e661e","keyframes":{"transform":["translate3d(0px, 214.55030%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Following Gadkari's remarks, shares of automakers and oil marketing companies reacted negatively.

Mahindra and Mahindra

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Tata Motors

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bosch

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ashok leyland

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Escorts Kubota

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Swaraj Engines

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HPCL

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IOC

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BPCL

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