Maruti Suzuki India and Hyundai Motor India, two of India's biggest car makers, have cut prices after excise duty on automobiles was reduced in the Interim Budget.
While Maruti's price cut ranges between Rs 8,502 and Rs 30,984 across its models, Hyundai has slashed prices by between Rs 10,000 and Rs 1,35,300.
On February 17, Chidambaram cut excise duty to 8 per cent from 12 per cent for small cars, scooters, motorcycles and commercial vehicles; 24 per cent from 30 per cent for SUVs; 20 per cent for mid-sized cars from 24 per cent and 24 per cent for large cars from 27 per cent.
"The entire benefit of the excise duty cut is being passed on to customers for the full range of models," MSI said in a statement.
Hyundai Motor also said customers would get the full benefit of the excise duty reduction. The price cut applied to all the models, from Eon to Santa Fe.
"The reduction in excise duty would substantially reduce the prices, making cars more affordable. The quantum of benefit will vary from Rs 10,000 to Rs 1,35,300 across all the models," the auto maker's Senior Vice President, Sales and Marketing, Rakesh Srivastava said.