Maruti Suzuki has slipped over 3% to Rs 1,290, and is currently trading at eight-month low. The company's net profit more-than-doubled in the quarter ended March, but was below expectations.
The company posted 170% jump in net profit to Rs 657 crore as against Rs 243 crore in the year-ago period. Net sales increased 30% to Rs 8,281 crore against Rs 6,333 crore during the quarter. Increased raw material costs, however, eroded gains from selling more vehicles. Analyst expected Rs 727 crore net profit and Rs 8,638 crore net sales for the quarter ended March.
The counter has seen more-than-three fold rise in daily turnover, with 348,000 equity shares changing hands so far, as compared to an average 106,000 shares traded daily in last two-weeks.
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