Mahindra shares fall after Aston Martin bid reports

Shares in Mahindra & Mahindra drop as much as 2.9 percent after reports that the automaker has entered into a takeover deal with an Italian private equity fund for 50 percent of British luxury car maker Aston Martin.

Brokerage Edelweiss says in a note Aston Martin would require significant investments in research and development, and benefits of technology transfer to the Indian tractor and utility vehicle maker's product portfolio was "questionable" given little similarity between portfolios. Edelweiss says it views the bid with caution, but maintains its "buy" rating with a target price of Rs 1,027 on Mahindra stock.

Also Read: Italy PE fund, M&M in race for Aston Martin: Source

Mahindra & Mahindra shares have gained 7.9 percent this month as on Friday's close. The stock was down 2.78 percent at Rs 927.50 at 12:12 p.m.

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