Maruti Suzuki drops after reducing prices by Rs. 5000

Maruti Suzuki, India’s largest car maker on Wednesday announced reduction in prices of selected models by Rs. 5000. The price cut will be applicable on popular models including all variants of Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross.

The new prices will be applicable from September 25, 2019. Reacting to the news, the stock slipped nearly 5 per cent intraday in BSE.

The decision came after the latest deduction in corporate plan by government. With government’s initiative to revive the demand in automobile industry, the company has decided to proactively and voluntarily share the benefits of corporate tax reduction with its customers, Maruti Suzuki said in statement.

To take the advantage of festive season, the company will be launching its small hatchback - S-Presso on 30 September. With new products and heavy discounts, the company is expecting to witness strong sales during Navratri (starting from September 29) and Diwali.

Maruti Suzuki India Limited is India’s largest passenger car company, accounting for over for over 50 per cent of domestic car market. The company is engaged in business of manufacturing, purchase and sale of motor vehicles and spare parts.

On Wednesday, the stock of Maruti Suzuki opened at Rs. 6990.00 per share and made an intraday high and low of Rs. 6996.00 and Rs. 6654.95, respectively on the BSE. At 02.00 pm, the stock was trading at Rs.6659.55, down by 4.99 per cent.