Maruti Suzuki reports worst domestic sales drop in 18 years
Maruti Suzuki reported its worst drop in domestic sales in 18 years. The company's June quarter sales dropped 19%. It was the worst reported since 2001-01. Maruti's stock was down 25.5% this year, fell 23.3% last year. The drop was triggered by weak demand, regulatory changes and more competition. Automobile sector has been battling a spiralling 10-month slowdown. Several brokerages have downgraded Maruti Suzuki's shares.
Maruti Suzuki's June quarter net profit is down 27% from last year which is its steepest decline in the last five years.