Maruti Suzuki India shares fell more than 2 per cent to their lowest in nearly a month on Friday, a day after the auto maker lowered its sales growth forecast amid an industry-wide weakening of demand. Maruti Suzuki India, which reported a 4.6 per cent year-on-year fall in profit for the quarter ended March 31, said on Thursday that it expected production and sales to grow between 4 per cent and 8 per cent for the current financial year. Last year, the company had targeted a 10 per cent rate of growth for sales.
On the National Stock Exchange (NSE), Maruti Suzuki India shares dropped to as low as Rs 6,750 apiece, down 2.25 per cent compared with their previous close of Rs 6,905.25. On the Bombay Stock Exchange, the Maruti Suzuki India share price fell as much as 2.23 per cent to an intraday low of Rs 6,749, as against the previous close of Rs 6,902.95.
The carmaker had during market hours on Thursday reported a net profit of Rs 1,795.6 crore for the quarter ended March 31. Maruti Suzuki India said its revenue from operations rose 1.4 per cent to Rs. 21,459.4 crore for the fourth quarter of financial year 2018-19.
It also said the quarter was "marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses partially offset by cost reduction efforts".
At 1:48 pm, shares in Maruti Suzuki India traded 2.04 per cent lower at Rs 6,762 apiece on the BSE, underperforming benchmark index Sensex which was up 0.32 per cent.
Maruti Suzuki India shares were on course to finish lower for a sixth session in a row. On Thursday, the Maruti Suzuki India stock had settled 1.73 per cent lower at Rs 6,902.95 apiece on the BSE.
(With inputs from Reuters)