Mahindra & Mahindra has, late last night, issued a statement to the Bombay Stock Exchange (BSE) that it has an inventory of around 18,000 BS III vehicles, ranging from two-wheelers to trucks.

The statement issued to BSE reads, “We would like to inform you that the total inventory of BS-III vehicles that the company had before the Supreme Court verdict was worth little over Rs 2,000 crore and the company has been able to remove more than half of it at a discount of up to 15 percent.

"The company and industry has incurred a loss because of the heavily discounted sale that it had to do on March 30 and 31, 2017. The company still has an inventory of approximately 18,000 BS-III vehicles (two-wheelers to trucks). The company may be able to export some of these vehicles which will not incur much of a cost; and convert some of these vehicles to BS-IV, which will have a cost of as little as Rs 3,000-4,000 for some of the small commercial vehicles to as much as Rs 200,000 for heavy commercial vehicles. Some of the vehicles can neither be exported nor converted to BS-IV.”