Shares of Mahindra and Mahindra Ltd (M&M) reached an all-time high on Monday as soon as 1,00,000 bookings for the brand-new Scorpio-N were registered within 30 minutes of booking onset on Saturday.

The stock, which opened at Rs 1,195, soon skyrocketed to Rs 1,235 a share. At nearly 9.45 am, the scrip was trading at Rs 1,234 on the BSE. For the fifth consecutive session, the stock traded higher. In one year, it has advanced by over 45 per cent.

Consequently, the rush turned into a book value of Rs 18,000 crore on an ex-showroom price basis. According to the company, the SUV (Sport Utility Vehicle) craze was so high that it registered around 25,000 bookings within one minute. In fact, due to heavy load, the website too went down for some time leading to failure in booking by many interested buyers.

Regarded as the Big Daddy of SUVs by the company, the tough ladder-frame SUV Mahindra Scorpio-N price starts at ₹ 11.99 Lakh and goes up to Rs 23.90 Lakh (Average ex-showroom). The new Mahindra Scorpio N is offered in five variants, including Z2, Z4, Z6, Z8, and Z8L.

M&M will likely unveil its born-electric SUV platform on August 15 in the UK. It will also launch its ICE-converted XUV400 (electric) in September 2022. With this, M&M expects its electric SUV penetration to be 20-30 per cent of its overall SUV portfolio by FY27.