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. [caption id=“attachment_3775423” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] 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.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.