Motherson Sumi Systems shares snapped two-day losing streak on Wednesday as the scrip closed 1.94 per cent up at Rs 246.60.
Motherson Sumi Systems shares snapped two-day losing streak on Wednesday as the scrip closed 1.94 per cent up at Rs 246.60. The company supplies parts such as mirrors, bumpers, dash board and door trims to various auto companies of the Volkswagen Group, has seen its shares tanked in the wake of emissions scandal in the US.
The share price of Motherson Sumi opened at Rs 230.30 and touched a high and low of Rs 248.70 and Rs 228.50, in trade on Wednesday. It plummeted around 15 per cent during September 21 and September 22.
Motherson Sumi Systems on Tuesday said its supplies to Volkswagen (VW) will not be affected even as the German auto major faces fine in the US. “The reaction is over exaggeration,” Motherson Sumi Systems CFO G N Gauba said.
Stressing that the company will not be affected by the issue, he said: “The emission matter is related to engines and we do not supply any engine parts to VW. Moreover, it is not like a recall due to a part defect.”
He further said Motherson’s exposure to the VW brand is only 12 per cent of its net sales, which stood at Rs 34,490.31 crore in the year ended March 31.
Last Friday, the US Environmental Protection Agency (EPA) accused VW of installing illegal software to cheat emission tests in diesel cars.
(With inputs from PTI)