Tata Motors, India's largest automobile company and leader in commercial vehicles across segments today announced a price increase across its commercial vehicle range, effective Jan.01, 2021.

The steady rise in material and other input costs, impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles.

The company had thus far been absorbing the addition in costs but with their steady rise in line with market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions, company said on Tuesday.

The price increase is expected across the portfolio of M&HCV, l&LCV, SCV & Buses. The actual change in price will depend on individual model, variant and fuel type. Tata Motors will continue to offer best in class value in each segment with low total cost of ownership and increasing profit potential for vehicle owners, it added.

Shares of the company declined Rs 4.4, or 2.67%, to trade at  Rs 160.15.  The total volume of shares traded  was  6,333,950 at the BSE (1.35 p.m., Tuesday).