Maruti Suzuki shares tumble over 8% on weak Q3 earnings; market-cap drops by Rs 15,739 cr

New Delhi: Shares of Maruti Suzuki India on Friday tumbled over 8 percent after the company reported its second successive decline in quarterly net profit with a 17.21 percent drop for the third quarter ended December 2018, also the steepest fall in nearly five years.

The stock slumped 7.40 percent to close at Rs 6,516.35 on the BSE. During the day, it dived 8.77 percent to Rs 6,420, its 52-week low

The stock was the worst hit among the BSE’s 30-blue-chip share components.

At the National Stock Exchange (NSE), shares of the company slumped 8.10 percent to end at Rs 6,469.90.

Led by the sharp fall in the stock, the company’s market valuation also eroded by Rs 15,739.06 crore to Rs 1,96,845.94 crore on the BSE.

The company said its net profit for the third quarter of the current financial year stood at Rs 1,489.3 crore, compared with Rs 1,799 crore in the corresponding period of the previous fiscal.

Total income during the October-December 2018 quarter stood at Rs 20,585.6 crore, against Rs 19,528.1 crore in the year-ago period, a growth of 5.41 percent.

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