Hyundai slashes Santro prices by Rs 23,000
New Delhi, Feb 28: Auto major Hyundai today (Feb 28, 2006) announced a cut of Rs 23,000 on the prices of its flagship Santro car, soon after Finance Minister P Chidambaram announced an eight per cent cut in excise duty on small cars in the Budget 2006-07.
Excise duty on small cars, earlier used to be 24 per cent.
Hyundai India President B V R Subbu said, ''The Santro will cost Rs 23,000 less from March 1, 2006.'' Mr Subbu said the move would boost the small car segment and also enhance the demand for small cars in the country.
Prices of other Hyundai models will remain unaffected, he added.
India's largest car-maker Maruti Udyog Ltd (MUL) also reduced prices of its small cars, across five models by Rs 13,000 to Rs 22,000.