Maruti Suzuki falls as RBI bans FII purchases
Foreign investment in Maruti Suzuki has crossed the overall limit of 24% of its paid-up capital.
Maruti Suzuki India is trading lower by around 2% at Rs 1,418 in opening deals on the national Stock Exchange (NSE), after the Reserve Bank of India (RBI) said that foreign institutional investor (FII) cannot buy shares of the country's largest car manufacturer as their limit of 24% has been breached.
“Foreign investment in Maruti Suzuki has crossed the overall limit of 24% of its paid-up capital,” RBI said in a statement.
“Therefore, no further purchases of share of this company would be allowed through stock exchanges in India on behalf of FIIs,” it added.
The stock opened at Rs 1,440 and hit a low of Rs 1,415 on NSE. A combined around 7,000 shares have changed hands on the counter in early trades on NSE and BSE.
“Foreign investment in Maruti Suzuki has crossed the overall limit of 24% of its paid-up capital,” RBI said in a statement.
“Therefore, no further purchases of share of this company would be allowed through stock exchanges in India on behalf of FIIs,” it added.
The stock opened at Rs 1,440 and hit a low of Rs 1,415 on NSE. A combined around 7,000 shares have changed hands on the counter in early trades on NSE and BSE.
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First Published: Feb 26 2013 | 9:20 AM IST