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Maruti Suzuki share price falls 1.7% after sales target cut to 8%

Shares of India’s largest auto-maker Maruti Suzuki tanked in trade on Thursday morning, after the firm announced a sales target cut for FY19. Maruti Suzuki share price slumped by more than 1.7 percent to Rs 7,800 on BSE this morning. After declining sales growth in the last five months despite the festive season, Maruti Suzuki India said it would be unrealistic to expect double-digit growth in fiscal year (FY) 2018/19, something it had targeted at the start of the year in April.



“We registered double-digit growth in the first half of the year but the third quarter has been tough. We are targeting flat sales in this quarter,” R C Bhargava, chairman, said. On the NSE, the stock plummeted 4.67 percent to settle at Rs 7,201 apiece. The shares hit a low of Rs 7,180 and a high of Rs 7,486.30 in the intra-day trade.

Among the Sensex constituents, Maruti Suzuki was the worst hit. The auto major's stock had slumped over 2 percent on the bourses on December 5. Besides Maruti, other automobile firms showed a bearish trend on December 6. Tata Motors shed 4.02 percent, followed by Bajaj Auto 1.55 percent, Hero Motocorp 1.23 percent.

Overall auto index at BSE fell by 2.26 percent to close at 19,824.18.
After opening over 250 points down, the 30-share Sensex was trading 166.63 points, or 0.46 percent, lower at 36,317.70. The index had ended 137.25 points or 0.38 percent, at 36,484.33 Wednesday. The NSE Nifty, too, was trading 56.70 points, or 0.52 percent, lower at 10,910.60.

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