Honda Cars India is recalling a total of 1,338 units of its premium sedan Accord and sports utility vehicle CR-V manufactured between 2002 and 2003 to replace a faulty part in the passenger side airbags.
The recall, which is is part of Honda's global recall regarding the potential defect related to passenger air bag announced in June 2014, would cover 1,085 units of Accord and 253 units of CR-V.
"The company would carry out preventive replacement of passenger side air bag inflator of 1,085 units of Honda Accord and 252 units of Honda CR-V manufactured in 2003 and one unit of CR-V manufactured in 2002," Honda Cars India Ltd (HCIL) said in a statement.
Last month, Honda Motor Co had announced recalling over 20 lakh vehicles globally over potentially flawed air bag inflators made in 2000-02.
Honda said the replacement of the faulty part would be carried out free of cost at its dealerships across India in a phased manner and the company will communicate with contactable customers directly.
Also read: Seeing early signs of demand revival for auto sector: SIAM
Elaborating on the potential defect in the air bag inflator, the company said that in case of certain vehicles, due to a problem during the propellant forming process, the casing of the inflator may get damaged when the airbag deploys in an accident or other situation potentially causing injury to vehicle occupants.
Earlier this month, Mahindra & Mahindra recalled around 23,000 units of a select variants of its popular sports utility vehicle Scorpio to rectify faulty pressure regulating valves.
Ever since auto industry body SIAM initiated voluntary recall policy for safety reasons in July 2012, 6,09,676 vehicles have been recalled so far.
In May, Hyundai Motor India had recalled 2,437 units of its sports utility vehicle Santa Fe to replace a faulty stop lamp switch.
In April, in one of the biggest vehicle recalls, Maruti Suzuki India recalled 1,03,311 units of its Ertiga, Swift and DZire models manufactured between November 12, 2013, and February 4, 2014, to replace a faulty fuel filler neck.
Earlier, Toyota Kirloskar Motor recalled 44,989 units of multi-purpose vehicle Innova manufactured between February 2005 and December 2008 in India to rectify a faulty cable on the steering wheel.
General Motors India last year recalled 1.14 lakh units of its multi-purpose vehicle Chevrolet Tavera manufactured between 2005 and 2013 to address emissions and specification issues. It is the biggest recall in India till date.
M&M stock price
On July 16, 2014, Mahindra and Mahindra closed at Rs 1220.10, up Rs 23.00, or 1.92 percent. The 52-week high of the share was Rs 1268.75 and the 52-week low was Rs 741.50.
The company's trailing 12-month (TTM) EPS was at Rs 61.02 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20. The latest book value of the company is Rs 272.84 per share. At current value, the price-to-book value of the company is 4.47.
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