India auto stocks, led by M&M, add $33 bn in value on GST reforms
Indian auto stocks, spearheaded by Mahindra & Mahindra Ltd, have gained $33 billion in value due to GST reforms. The Nifty Auto index rose 12.5% after PM Narendra Modi's announcement to rationalise the GST. GST on small cars has been reduced to 18% from 28%, while SUVs will attract a flat 40% GST now.