Shares of Maruti Suzuki slipped nearly 3% in the morning trade on Monday following 28.55% decline in net profit posted by the company for the fiscal year ended March 31, 2012.
The stock, which opened on a positive note, could not carry the momentum as the trade progressed and fell by 2.79% to Rs. 1,358.10 on the BSE.
At the NSE, the scrip lost 2.8% to Rs. 1,358.25.
The country's largest carmaker on Saturday reported 28.55% decline in net profit at Rs. 1,635.1 crore for the year ended March 31, 2012, the steepest fall in three years.
The company had posted a net profit of Rs. 2,288.7 crore in the 2010-11 financial year.
For the fourth quarter ended March 31, net profit fell 3.04% to Rs. 639.8 crore, over Q4, 2010-11.
"The year 2011-12 was a very challenging year for the auto industry. High inflation and interest rates along with high petrol prices impacted sales. The small car segment was particularly hit as the customers are very cost sensitive," Maruti Suzuki India MD and CEO Shinzo Nakanishi had said.
In the broader market, the BSE benchmark Sensex was trading at 17,302.77, up 115.43 points at 1055 hrs.