Exide cuts battery prices; shares fall

Exide Industries shares fell 2.2 per cent after the company cut prices for some of its batteries,which traders saw as a measure intended to sacrifice profit margins by seeking to boost sluggish sales.

A company spokesman confirmed the cuts,but declined to offer more details about the reason or the batteries affected.

Nomura analysts said Exide had cut battery prices for cars by up to 17 per cent,depending on the models,citing channel checks.