Eicher Motors Limited has informed the Exchange about Action(s) initiated or orders passed against the Company s material subsidiary.
EICHERMOT · price
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On the reaction day the stock moved 2.0 pts less than Nifty 100 and 4.2 pts less than its 2/3 Wheelers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Eicher Motors' material subsidiary VE Commercial Vehicles Limited received a GST demand order of Rs. 96.18 crores (plus equivalent penalty and interest) from the CGST & Central Excise office in Ujjain, Madhya Pradesh on 29th December 2025. The order relates to alleged delay in reporting credit notes for FY 2017-18 under the CGST, MP GST, and IGST Acts. This is a reduction from the original show cause notice amount of Rs. 168.19 crores issued on 10th July 2025. The subsidiary plans to file an appeal before the appropriate forum, stating the order has no merit based on legal advice. Eicher Motors has stated there is no impact on its financial or operational activities from this order.
Short-term stock impact is likely muted as the company maintains there is no financial impact, but the Rs. 96.18 crore demand (if upheld after appeal) is a contingent liability worth monitoring. Investors should watch the appeal outcome for any escalation in financial exposure.