Maruti Suzuki India Ltd.'s share price hit the lowest level in over eight months on Tuesday as its second quarter profit declined more than expected. The Dzire Swift manufacturer reported that its standalone net profit declined 17.4% year-on-year to Rs 3,069 crore, against Rs 3,710 crore analysts projected in a Bloomberg's survey.
Maruti Suzuki India's operating profit also declined 7.7% yoy to Rs 4,417 crore, compared to Rs 4,712 crore estimated by analysts. Its margin fell 100 basis points to 11.9% against 12.70% that Bloomberg estimated.
After the release of the numbers, the share price of Maruti Suzuki India continued to decline. The stock has been trading in negative for the past four days and has lost 8.32% of its value.
Earlier in the day, Maruti Suzuki India stock was the third top laggard in the NSE Nifty Auto index.
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Maruti Suzuki India share price fell 5.81% to Rs 10,816.35 apiece as of 1:54 p.m.
Maruti Suzuki India share price fell 5.81% to Rs 10,816.35 apiece as of 1:54 p.m.
Shares of Maruti Suzuki India fell 6.11% to Rs 10,782.00 apiece, the lowest level since Feb. 14. It was trading 6.01% down at Rs 10,800.85 as of 1:53 p.m., compared to 0.20% advance in the NSE Nifty 50 index.
The stock gained 5.10% in 12 months and 6.04% on a year-to-date basis. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 21.75, which implied the stock is oversold.
Out of 46 analysts tracking the company, 31 maintain a 'buy' rating, 11 recommend a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.9%
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