Share price of Maruti Suzuki India (MSI) skidded 6% intra day after Kotak Institutional Equities maintained sell call and cut target its price to Rs 4,900 from Rs 5,800 per share.
Maruti Suzuki India share fell 5.94% to Rs 4,999 compared to previous close of Rs 5,315 on BSE.
The large cap stock has fallen after three consecutive days of gain. It has lost 30.32% in last one year and fallen 30.65% since the beginning of this year. Its market cap fell to Rs 1.55 lakh crore on BSE.
The brokerage said valuation of the stock is expensive and risk-reward at current market price remains fair. It also said near term will remain weak for the passenger vehicle industry.
The carmaker reported a 47 per cent decline in sales at 83,792 units in March. It had sold 1,58,076 units in March last year. Domestic sales declined by 46.4 per cent at 79,080 units last month as against 1,47,613 units in March 2019.
By Aseem Thapliyal