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Hero MotoCorp, Bajaj Auto shares fall as India steps on electric vehicle push

Companies seek more time to plan transition

People dressed in traditional costumes ride scooters and motorbikes as they attend celebrations to mark the Gudi Padwa festival, the beginning of the New Year for locals, in Mumbai.   © Reuters

MUMBAI (NewsRise) -- Shares of top Indian two-wheeler makers slumped Monday after policymakers pressed ahead with an accelerated deadline to switch to electric vehicles -- a move manufacturers opposed citing high costs and abruptness.

Last week, India's main policy think-tank Niti Aayog recommended that only electric models of scooters and motorcycles with engine capacity of less than 150cc must be sold from 2025. On Friday, Niti Aayog officials met with the heads of Hero MotoCorp, Bajaj Auto, and TVS Motor, among others, and asked them to come back with a transition plan in 15 days, according to a government official present in the meeting.

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