Shares of EV and CNG vehicle makers, along with related OEMs fell on March 10. Maharashtra announced a hike in the motor tax levied on compressed natural gas (CNG) and PNG four wheelers by one percent. This is expected to generate Rs 150 crore in additional revenue for the state in the upcoming financial year. An additional 6 percent tax on electric vehicles prices above Rs 30 lakh was also announced as part of the state’s annual Budget unveiled by the state Finance Minister Ajit Pawar. The proposed changes are set to take effect from April 1 with the beginning of the financial year 2026. The shares of Maruti Suzuki and Mahanagar Gas (MGL) fell nearly a percent, Tata Motors shares closed with marginal losses, and Mahindra & MahINDra (M&M) shares declined over a percent at close. At close, Nifty Auto ended with significant losses on March10, down nearly 1.22 percent. The state ranked second in terms of EV registrations between 2019 and 2024, second only to Uttar Pradesh. It registered 4.39 lakh EVs during the period out of the total 36.4 lakh registrations in India, as per government data for 2024.