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At around 12.26 pm, the stock is down 2.75 percent or 83.50 points to 2954.35 from day's open

Automakers are facing the double whammy of rising input costs and subdued demand

Maruti Suzuki India, Tata Motors, Toyota Kirloskar Motor, Honda Cars, Skoda and Audi also plan for the price rise.

The rally is being held in collaboration with Hero Motocorp and Bharat Petroleum