Maruti Suzuki falls over 11 pc on poor Q1 numbers
Maruti Suzuki India today plunged over 11 per cent in the early trade after it reported 20.25 per cent decline in net profit for the quarter ended June 30.business Updated: Jul 26, 2010 11:58 IST
Maruti Suzuki India today plunged over 11 per cent in the early trade after it reported 20.25 per cent decline in net profit for the quarter ended June 30.
Shares of the country's largest car maker tanked 11.47 per cent to touch a one-month low of Rs 1,202.40 on Bombay Stock Exchange.
Similarly, shares fell 17.03 per cent to touch a year's low of Rs 1,126.85 on the National Stock Exchange.
"I feel the results are not bad and the market is just overreacting. The stock should recover in a couple of days," CNI Research CMD Kishore P Ostwal said.
Meanwhile, the 30-share benchmark Sensex was trading flat at 18,140.08, up 0.05 per cent.
On Saturday, the company had posted 20.25 per cent fall in net profit at Rs 465.36 crore for the quarter ended June 30. The company had a net profit of Rs 583.54 crore in the corresponding period last fiscal.
However, MSI's total income from operations increased by 26.78 per cent to Rs 8,231.53 crore in the first quarter from Rs 6,493 crore in the year-ago period.