Shares of Bosch slid as much as 3.64 per cent in the early trade on Friday on reports that the US authorities are investigating Bosch India’s parent German auto supplier Robert Bosch GmbH over its role in Volkswagen AG’s massive scheme to cheat US emission standards.
Bosch built key components in the diesel engine used in six Volkswagen models and one Audi model that the automaker has admitted to rigging to defeat emissions tests.
At 9.36 am, shares of Bosch were trading 2.44 per cent down at Rs 18,730 apiece. The scrip opened at Rs 19,000 and had hit a high and low of Rs 19,000 and Rs 18,500, respectively, in trade so far. Sensex was marginally down 0.08 per cent at 25,830.16. Later, the share price of the company closed 0.84 per cent down at Rs 19038.25.
According to source, the probe is at an early stage, there is no indication that US prosecutors have found evidence of wrongdoing at Bosch.
The promoters holding in the company stood at 71.18 per cent while institutions and non-institutions held 19.36 per cent and 9.46 per cent, respectively.
The share price of the company touched a 52 week high of Rs 27989.25 on 20-March-2015 and a 52 week low of Rs 17,505 on 26-November-2014.
(With inputs from Reuters)