Maruti Suzuki share slumps 4% to week-low after production cut report

By: | Published: March 18, 2019 4:14 PM

Shares of auto major Maruti Suzuki India slumped in trade on Monday, after reports indicated that the firm has cut  production owing to sluggish demand. Shares of India’s largest car-maker Maruti Suzuki India hit its week-low by 4% at Rs 6,780.20, low during intra-day trade amid media reports that the company has cut down  its production by 26% in March because of slow demand.

Maruti Suzuki share hit its week low by 4% at Rs 6,780.20 on production cut reports

Shares of auto major Maruti Suzuki India slumped in trade on Monday, after reports indicated that the firm has cut  production owing to sluggish demand. Shares of India’s largest car-maker Maruti Suzuki India hit its week-low by 4% at Rs 6,780.20, low during intra-day trade amid media reports that the company has cut down  its production by 26% in March because of slow demand.

As per Business Standard report quoting people aware of the development, Maruti Suzuki has cut down its production by 26.8 percent to about 126,000 units in March.

Maruti Suzuki shares today on BSE closed at  Rs 6,910.35 on BSE, 2.56% lower than the previous close. Maruti Suzuki shares emerged as the biggest loser in Nifty and Sensex companies.

In Sep-Dec quarter , the country’s top selling car-maker’s revenue fell by 12.32% on-quarter to Rs 1,966.83 crores as per its financial statement filed on exchanges. There has been a continuous decline in Maruti Suzuki’s revenue in last three quarters in the current financial year, the data showed.

The stock markets–Sensex and Nifty–reversed losses in the afternoon trade on Monday, owing to a sharp surge in select bluechip heavyweights. The Sensex closed 71 points higher at 38,095.07, while the Nifty closed above the 11,450-mark. Reliance Industries shares closed 2.7% higher at Rs 1,357.70, while Bajaj Finance shares ended 2.8% higher at Rs 2,941 on BSE.

Apart from Maruti Suzuki, Hero MotoCorp, Bharti Airtel and Larsen & Toubro Ltd have also been the losers on BSE. Among the top gainers are Reliance Industries, Axis Bank, Tata Steel and Indian Oil Corp.  

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition