Motherson Sumi Systems slumped 5.63% to Rs 103 after ratings agency Standard & Poor's (S&P) revised its outlook to negative on the company's material subsidiary, Samvardhana Motherson Automotive Systems Group B.V.
In an exchange filing made after market hours on Thursday, Motherson Sumi Systems announced that S&P has re-affirmed long term credit at BB+ and revised outlook to 'negative' for Samvardhana Motherson Automotive Systems Group B.V, a material subsidiary of Motherson Sumi Systems.
Motherson Sumi Systems is one of the world's leading specialized automotive component manufacturing companies for OEMs.
The auto ancillary's consolidate net profit slumped 30.5% to Rs 270.51 crore on a 4.9% fall in net sales to Rs 15436.46 crore in Q3 December 2019 over Q3 December 2018.
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