Tata Motors Limited, India's top bus and truck maker has hiked the prices of commercial vehicles by an average 3%.

The company (Tata Motors) did not divulge much details about price hike other than saying that this is on account of the intensifying input cost. The new prices will be effective from today (July 02).

While lecturing on the fresh round of price hike, Tata Motors spokesperson said, “We have hiked the prices across the entire range of commercial vehicles. The price rise varies according to the models but the average hike is three per cent.”

According to the new pricing, the high-end Novus tractor may cross Rs 32 lakh, the Rs 16 lakh multi-axle truck would become costlier by Rs 50,000

Shares of Tata Motors ended the day at Rs 413, up Rs 4.75 on National Stock Exchange.