Anand Mahindra recalls 2019 stock correction as M&M crosses Rs 2,000 mark

As Mahindra and Mahindra Ltd (M&M) shares crossed the Rs 2,000-mark at closing on Thursday, Anand Mahindra, the  Chairperson at the auto major, recalled tough days when the stock had fallen below the Rs 500-mark in 2019. Mahindra recalled that five years ago his then CFO at M&M's annual leadership conference (M10) held in Mumbai issued a 'clarion' call for M&M's stock to be “2000 by 2022”.

Though not in 2022, the stock eventually hit the mark on Thursday. M&M shares closed at Rs 2,002.45 on BSE, up 0.66 per cent. They hit Rs 280-odd levels in April 2020, before surging over 612 per cent since.

"Little did we know, of course, that a global pandemic lurked around the corner.  And the next couple of years were challenging for everyone. But as always, we lived up to our motto: When the going gets tough, Mahindra gets going,” he posted on social platform X.

Mahindra said the stock overshot the deadline by two years, but "it’s incredibly gratifying to cross this milestone….with many more to come." He thanked the teams both of M&M and Group companies "who charted new strategies and worked relentlessly to get us back on our customary growth trajectory."