Maruti Suzuki drops after recall of vehicles

Maruti Suzuki India lost 0.4% to Rs 3,052 at 9:42 IST on BSE after the company said it will proactively inspect and repair the wiring harness fitment of 69,555 diesel vehicles manufactured between 8 March 2010 and 11 August 2013.

The announcement was made after market hours on Tuesday, 30 September 2014.

Meanwhile, the S&P BSE Sensex was up 2.60 points or 0.01% at 26,633.11.

On BSE, so far 6,631 shares were traded in the counter as against average daily volume of 35,000 shares in the past two weeks.

The stock hit a high of Rs 3,070 and a low of Rs 3,044.65 so far during the day.

Maruti Suzuki India said that it will proactively inspect and repair the wiring harness fitment of 69,555 diesel vehicles (55,938 units of old Dzire, 12,486 units of old Swift and 1,131 units of Ritz) manufactured between 8 March 2010 and 11 August 2013. This exercise is limited to vehicles within the above specified range and does not pertain to any other vehicle of the company or its exports. This exercise does not pertain to any other model of the company or its exports. The problem was noticed based on feedback monitoring and internal checks by the company. Accordingly proactive action has been initiated in the interest of customers, the company said in a statement.

Maruti Suzuki India's net profit rose 20.7% to Rs 762.28 crore on 10.8% growth in net sales to Rs 11073.51 crore in Q1 June 2014 over Q1 June 2013.

Japanese parent Suzuki Motor Corporation holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 June 2014).

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