M&M Group CEO Anish Shah Sells 76,357 Shares; Proceeds To Fund ESOP Taxes

Against that, the stock is -1.7% on the day at ₹2,751.60, and has returned -11.2% over three months. It sits 28% below its 52-week high, which means a good deal of bad news was already in the price. The auto sector has moved -4.1% over the same period, so Mahindra & Mahindra is running 7.1 points behind its peers.

For Mahindra & Mahindra, the question is how much of this is already reflected in the price and how much re-rates the auto peer set alongside it.