New Delhi, Aug. 18 -- Hyundai Motor India, one of the country's leading passenger vehicle makers, saw its shares surge 10% in intraday trade on Monday, August 18, hitting a fresh all-time high of Rs.2,464 apiece. Today's rally also marked the biggest single day jump for the stock since its listing in October 2024.

The surge came amid broad-based buying across auto stocks after the Indian government proposed reducing the GST rate on automobiles to 18% from the current 28%. Analysts believe the move could lead to lower prices and potentially revive sales, which have been under pressure in recent quarters due to weak urban consumption demand.

To offset sluggish domestic sales, companies like Hyundai Motor have increasingly turned to export...