Maruti Shares Plunge 4% After Q2 Earnings Dip

New Delhi, Oct 29 (PTI) Shares of Maruti Suzuki India on Tuesday declined over 4 per cent after the firm reported an 18 per cent year-on-year decline in consolidated net profit for the September quarter.

The stock tanked 4.11 per cent to settle at Rs 11,010 on the BSE. Intra-day, it had slumped 6.42 per cent to Rs 10,744.10.

At the NSE, it tumbled 4.16 per cent to Rs 11,005.

The company's market capitalisation (mcap) eroded Rs 14,846.09 crore to Rs 3,46,157.23 crore.

The stock emerged as the biggest laggard among Sensex and Nifty firms.

Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter of the current fiscal year, hit by the withdrawal of indexation benefit and change in the tax rate on long-term capital gains on debt mutual funds.

The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of the previous fiscal year.

Total revenue from operations increased to Rs 37,449 crore for the second quarter as against Rs 37,339 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.

On a standalone basis, the company reported a net profit of Rs 3,069 crore for the September quarter, down 17 per cent as compared with Rs 3,716 crore in the same period last year.

Net sales of the company stood at Rs 35,589 crore against Rs 35,535 crore in the same quarter last year.

MSI said it sold 5,41,550 vehicles during the July-September period, of which the domestic market volume stood at 4,63,834 vehicles and the export volume was at 77,716 vehicles.