Shares of automaker, Mahindra and Mahindra (M&M) touched a intraday high because of the declaration of its plans to raise prices around a range of its product portfolio.

The rise will be in between Rs 3,000-8,000 and will become effective from October 1. The raise, said the company, is the outcome of higher raw material costs and also implementation of BS III emission norms.

CNBC TV 18 was the first media house to come up with the news. It said that the CEO of the automotive division Rajesh Jejurikar, did not want the prices to be raised but was ultimately forced to accept it since he was left with no other options.

But while talking to another newspaper, FT, Rajesh said that the price hike was negligible and would not impact the sales much because of the coming of the festive season. For example, in case of Scorpio the rise is as less as 1 per cent. Same is the case with other products too.

Meanwhile, share price of M&M touched an intraday high of 02.90 and an intraday low of Rs 696.90. In the morning at 09:06 hrs the share price was up 1.22 per cent at Rs 702.60.