Mahindra & Mahindra (M&M) shares plunged over 3 percent in early trade. Ashok Leyland, which makes vehicles used for construction and carries light goods, dropped nearly 3 percent. Mahanagar Gas (MGL), which supplies compressed natural gas and piped natural gas (PNG) and is based mostly in Maharashtra, also saw its shares under pressure. Maruti Suzuki and Tata Motors, which also may be affected by the hike in motor tax, saw marginal losses. HSBC has given a ‘Buy’ call on Maruti, with a target of Rs 14,000 per share. This implies an upside potential of nearly 21 percent form the stock’s current market price of Rs 11,551 per share, according to HSBC. The proposed changes are set to take effect from April 1 with the beginning of the financial year 2026. Maharashtra ranked second in terms of EV registrations between 2019 and 2024, second only to Uttar Pradesh, registering 4.39 lakh EVs out of the total 36.4 lakh registrations in India.