Mahindra & Mahindra Ltd has raised the prices of its sports utility vehicle Scorpio by Rs 6,500 and that of its multi-utility Bolero by Rs 4,500, effective March 15.
"The price hike is linked to an increase in steel prices in the country, which had posted various surges during the year," M&M executive vice-president marketing and sales (automotive sector) Rajesh Jejurikar said in Mumbai on Thursday.
The SUV, available in five versions, is currently priced at around Rs 700,000, while that of Bolero (available in four models) is around Rs 400,000-500,000.
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