Maruti Suzuki India today plunged over 11 per cent in the early trade after it reported 20.25% decline in net profit for the quarter ended June30.
Shares of the country's largest car maker tanked 11.47% 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%
On Saturday, the company had posted 20.25% 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% to Rs 8,231.53 crore in the first quarter from
Rs 6,493 crore in the year-ago period.