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Maruti Suzuki, Tata Motors shares fall as India measures fail to cheer investors

Two-wheeler makers also decline despite broader market gains

A Honda showroom in Mumbai: India's passenger vehicle market saw the worst quarterly sales contraction in almost two decades in April-June. (Photo by Rosemary Marandi)

MUMBAI (NewsRise) -- India's latest measures to boost sagging demand for cars and motorcycles failed to lift investor sentiment, as shares of Maruti Suzuki India and Tata Motors fell despite gains in the broader market.

On Friday, Prime Minister Narendra Modi's government announced a slew of steps that included deferring a proposed increase in vehicle registration fee until June next year and providing additional 15% depreciation on all vehicles acquired till March 2020. It also lifted a ban on buying new vehicles to replace the older ones.

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