India, Jan. 27 -- Mahindra & Mahindra Ltd. led declines in auto stocks on Tuesday amid reports that the India-EU trade deal includes a clause to slash import duty on cars.

M&M's share price fell as much as 5.07% to Rs.3,363.70 apiece on the NSE, even as Nifty Auto index was down 2.18% intraday. That, when the benchmark Nifty 50 breached the 25,000 mark.

India plans to slash tariffs on cars imported from the European Union to 40% from as high as 110%, Reuters reported on 25 January, in the biggest opening yet of the world's third largest car market, as New Delhi and Brussels close in on a free trade agreement that could come as early as today.

The Narendra Modi government has agreed to immediately reduce the import duty on 200,000 Europ...