Maruti shares fall over 2% after Q3 results fail to enthuse investors

Shares of Maruti Suzuki India (MSI) on Tuesday fell over 2 per cent after the company's December quarter earnings failed to enthuse investors.

The scrip declined 2.05 per cent to close at Rs 6,996.95 on the BSE. During the day, it dropped 2.47 per cent to Rs 6,967.15.

At the NSE, it fell 2.12 per cent to close at Rs 6,997.05.

MSI on Tuesday reported 4.13 per cent rise in consolidated net profit at Rs 1,587.4 crore for December quarter 2019-20, riding on lower commodity prices, reduced corporate tax rate besides its cost reduction efforts.

The company had posted a net profit of Rs 1,524.5 crore in the same quarter last fiscal, MSI said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 20,721.8 crore as against Rs 19,680.7 crore in the year-ago period, up 5.29 per cent, it added.

The company sold a total of 4,37,361 vehicles during the quarter, up 2 per cent as compared to the same period previous year.