Maruti Suzuki shares fell 1.5 percent on concerns about the domestic passenger car sales outlook.
Angel Broking said Maruti Suzuki expected "muted" volume growth of around 6 percent in fiscal 2013 and 6-7 percent in fiscal 2014, according to a note on Monday, citing the automaker's management.
The fiscal 2013 growth expectations are in line with Angel's forecasts but the 2014 volumes would be below the brokerage's 10-12 percent growth expectations.
"The management expects the domestic demand environment to remain challenging going ahead due to macroeconomic pressures and higher fuel prices. Further, the exports growth will also remain under pressure due to economic concerns in Europe," Angel said.