Maruti Suzuki shares slid as much as 3 per cent in the morning trade on Monday after the car maker reported 2.6 per cent year-on-year fall in its sales to 1,13,606 units for the month of January 2016 against 1,16,606 units in the same month last year.
At 11.01 am, shares of Maruti Suzuki were trading 1.77 per cent down at Rs 4,025. The scrip opened at Rs 4,076 and had touched a high and low Rs 4,117.90 and Rs 3,970.55, respectively, in trade so far. Later, the scrip settled 3.68 per cent down at Rs 3946.80.
The company’s domestic sales figure grew 0.8 per cent yoy to 1,06,383 units. However, total export sales plunged 34.60 per cent yoy to 7,223 units in January 2016. In a BSE filing, the company said, “Domestic sales would have been higher, but lesser number of working days in January 2016 impacted overall production and dispatch.”
For the quarter ended December 2015, Maruti Suzuki posted net profit of Rs 1019.30 crore, up 27.06 per cent, against Rs 802.20 crore in the corresponding quarter a year ago. Gross sales of the company grew 20.42 per cent year-on-year to Rs 14,767.70 crore.