TVS motor cuts prices after Budget duty drop
India's third biggest motorcycle maker TVS Motor Co Ltd has cut two-wheeler prices by 200 rupees to 2,000 rupees each, following a government plan to cut taxes on cars, buses and motorbikes.
Finance Minister Palaniappan Chidambaram last Friday proposed to cut excise duties on two wheelers and three-wheelers to 12 percent from 16 percent in the federal budget for 2008/09.
Moped prices will fall by 200 rupees, Scooty Pep by 500 rupees, Apache RTR bike by 1,000 rupees and Star City bike prices would fall by 2,000 rupees, R Chandramouli, senior vice-president, sales, said over telephone.
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The price cut took effect on March 3.
India's top motorcycle maker Hero Honda Motors has already lowered prices by 1,000 rupees to 2,400 rupees.
TVS Motor shares were up 0.6 percent at 42.90 rupees in a weak Mumbai market.
