Maruti nears 3-month low, down 6% in 2 days

Suzuki Motor, which owns a 54.2% stake in the company, posted a lower-than-expected Q4 operating profit and gave muted guidance

Maruti Suzuki India has slipped 3% to Rs 1,223, its lowest level since February 14, in morning trades on the Bombay Stock Exchange.

The stock of country’s largest car maker has fell 6%, on the comparison less than 1% decline in the benchmark index in past two trading days after Suzuki Motor, which owns a 54.2% stake in the local unit, posted a lower-than-expected Q4 operating profit and gave muted guidance.

Meanwhile, according to the figures released by the Society of Indian Automobile Manufacturers (SIAM) on Thursday, domestic car sales recorded a mere 3.4% year-on-year growth, the lowest ever growth in a decade during April. The domestic car sales stood at 168,351 units in April against 162,813 units in the same month last year, added report.

 

A combined 156,400 equity shares have changed hands on the counter in morning deals on the NSE and BSE.