Motherson Sumi Systems declines on heavy volumes

The stock has rallied 53% during the calendar year 2014 as compared to 13% rise in benchmark index CNX Nifty till yesterday.

Motherson Sumi Systems has dipped 6% to Rs 264 on back of heavy volumes on the bourses in otherwise firm market.  The stock opened at Rs 278 and hit a low of Rs 262 on the NSE.

At 0950 hours, a combined 1.5 million shares already changed hands on the counter as against an average sub 2 million shares that were traded daily in past two weeks on the NSE and BSE.

The stock of auto component maker has outperformed the market by surging 53% during the calendar year 2014 as compared to 13% rise in benchmark index CNX Nifty till yesterday. The stock hit a record high of Rs 286 on May 15.

The company is schedule to announce its audited accounts for the year ended March 31, 2014 on May 22.