Maruti shares extend weakness, slip one per cent

Shares of Maruti Suzuki India (MSI) skidded for the sixth straight session on Friday, falling 1 per cent after posting lacklustre results for the March quarter.

The scrip dipped 1.03 per cent to close at Rs 6,832.15 on the BSE. During the day, it dropped 2.23 per cent to Rs 6,749.

At the NSE, shares of the company tumbled 0.88 per cent to close at Rs 6,844.40.

Maruti Suzuki had dropped over 2 per cent Thursday after the company reported a decline in net profit for the fourth quarter and said it will phase out all diesel cars from April 1, 2020.

On the BSE, the scrip has now lost 8.46 per cent in six sessions.

“From April 1, 2020, we will not be selling diesel cars,” MSI Chairman RC Bhargava told reporters here Thursday.

The company currently sells a range of diesel vehicles. Around 23 per cent of all units sold by the company in the domestic market currently are diesel cars.

The country’s largest car maker Maruti Suzuki India Thursday reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19 fiscal.

The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18, MSI said in a statement.