Maruti Suzuki India declines for eight consecutive session

Maruti Suzuki India shed 0.33% to currently trade at Rs 7123, extending losses for eight day in a row.

The stock has declined by 13.90% in eight sessions, from its recent closing high of Rs 8,274.75 recorded on 17 November 2021.

In the past six months, the stock has added 2.55% while the benchmark Sensex has added 11.63% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 37.375. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day, 100-day and 200-day moving average (DMA) placed at 7452.13, 7244.43 and 7144.76, respectively.

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).

The car major's net profit dropped 65.3% to Rs 475.3 crore in Q2 FY22 from Rs 1,371.6 crore in Q2 FY21. Net sales rose by 9.1% YoY to Rs 1,929.78 crore during the quarter.

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