Nifty Auto index dipped after proposed steep EV tax hikes, hitting Mahindra’s luxury electric vehicle plans.

• Tax panel suggests raising GST on EVs above ₹23,000 to ₹46,000, sparking auto sector concerns.
• Mahindra & Mahindra shares dropped sharply, as higher levies threaten its premium electric SUV growth strategy.
• Despite the decline, Nifty Auto gained 12% in 2025, outperforming the broader Nifty 50’s modest 4% rise.