Maruti Suzuki shares down nearly 2%
Shares of Maruti Suzuki India on Friday fell by nearly 2 percent as the company plans to undertake one day-production cut at its Gurgaon plant tomorrow amid declining sales.
Mumbai: Shares of Maruti Suzuki India on Friday fell by nearly 2 percent as the company plans to undertake one day-production cut at its Gurgaon plant tomorrow amid declining sales.
Bucking a bullish stock market, the stock of the country's largest car maker closed at Rs 1,427.70, down 1.64 percent on the BSE. Intra-day, the scrip lost 2.41 percent to Rs 1,416.50.
Maruti was the top loser among the 30-Sensex blue-chips.
At NSE, the stock ended 1.29 percent lower at Rs 1,430.60.
"There will be a one-day production suspension at the Gurgaon plant. The Manesar plant will function normally," a company official said.
The Gurgaon plant rolls out models such as M800, Alto series, WagonR, Estillo, Dzire and Ertiga. It has a capacity to roll out between 3,500 and 4,000 units a day.
"The reason for the one-day production shut down at Gurgaon is due to market slowdown," the official said, adding however that the production of engines at the plant for supplies to its Manesar facility would continue as usual.
MSI had reported 7.89 percent decline in its total sales at 1,09,567 units in February 2013. It had sold 1,18,949 units in the corresponding month last year.
The BSE 30-stock index, Sensex, closed 269.69 points higher at 19,683.23.