Maruti plunges on muted guidance from Suzuki Motors

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Shares of Maruti Suzuki fell 2.8 percent after Suzuki Motor, which owns a 54.2 per cent stake in the local unit, posted a lower-than-expected Q4 operating profit and gave muted guidance.

Traders also cited concerns about the competitiveness of Maruti Suzuki’s petrol models after main rival Hyundai Motor began offering discounts and other benefits on its i10 and Santro models in India.

A spokesperson for Hyundai Motor the South Korean company’s Indian unit, confirmed the discount offers on some of its petrol cars.

Reuters