Hyundai Motor India Limited (HMIL), the second largest carmaker in country has reduced the price on its premium segment sedan - Sonata Transform by Rs 5,000.

With this price cut, the ex-showroom price of the 2.4 litre Sonata Transform will come at Rs 13.84 lakh.

The move follows the announcement of excise duty cut on big cars by the Union Finance Minister Pranab Mukherjee and aims to pass the benefits of this rate cut to the customers.

The Union Budget 2009-10 presented on July 6 proposed reduction of additional excise duty on big cars with engine capacities of or exceeding 2,000 cc by Rs 5,000 per unit.

In reaction the announcement, the Japanese carmaker, Mitsubishi reduced prices on high-end cars by Rs 6,000.

Trailing the move, Ford India and Honda Siel Cars India also reduced prices on select high-end model.