Why Maruti Suzuki share price fell 4% today

Why Maruti Suzuki share price fell 4% today

Maruti Suzuki India shares declined as much as 4.41 per cent to Rs 6,755 on BSE, in line with Sensex which was down over 1 per cent

Maruti Suzuki India shares skid 4% Maruti Suzuki India shares skid 4%

Maruti Suzuki India share price fell over 4 per cent in intraday trade on Bombay Stock Exchange on Thursday amid surge in volume. The BSE Sensex was down 629 points or 1.27 per cent at 48,555.

On Thursday, Maruti Suzuki shares opened lower at Rs 7,059.50 against previous close price of Rs 7,059.50 on the BSE. The large cap stock declined as much as 4.41 per cent to Rs 6,755. As many as 63,000 shares changed hands over the counter as compared to two-week average volume of 35,000 shares. The stock touched its 52-week high of Rs 8,400, while it hit 52-week low of Rs 4,002 on April 3, 2020.

On the National Stock Exchange, Maruti Suzuki India shares were trading 3.44 per cent lower at Rs 6,823 after opening lower at Rs 7,050. The stock hit intraday high and low of Rs 7,059 and Rs 6,755.25, respectively.

Maruti Suzuki on Monday said it will increase car prices starting April due to rise in input costs. "Over the past year the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021," Maruti Suzuki said in a stock exchange filing.

The company however did not share details about the quantum of the price hike it intends to take from next month. Earlier in January, Maruti had announced to hike price up to Rs 34,000 on some car models, citing rise in input costs.

Among other auto stocks, Hero MotoCorp shares were down 1.73 per cent at Rs 2982.35. After Maruti, Hero MotoCorp has announced to increase the prices of motorcycles and scooters starting next month on the back of rising input costs. In a statement to exchanges, the company said: "Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021."

Hero said the price hike has been necessitated to partially offset the impact of increased commodity costs. The company has accelerated its cost-savings programme to ensure minimal impact on the customer, it added.

Also read: After Maruti, Hero MotoCorp announces hike in motorcycles, scooters prices from April

Also read: Maruti Suzuki to hike prices from April amid rise in costs

Published on: Mar 25, 2021, 2:39 PM IST
Posted by: Chitranjan kumar, Mar 25, 2021, 2:39 PM IST