Maruti Suzuki shares drop 3% from day's high post October sales data

Shares of Maruti Suzuki fell 3 per cent in Tuesday's trade after the release of October sales data.

The largest carmaker in India said it sold a total of 1,67,520 units in October, which included domestic sales of 1,43,250 units, sales to other OEM of 3,822 units and exports of 20,448 units.

Brokerage Emkay Global had estimated October sales at 1,75,000 units. Nomura India had estimated sales at 1,69,000 units. This brokerage estimated estimate industry wholesales of 3,35,000-3,40,000 units, implying a 41 per cent market share for Maruti Suzuki.

From a day's high of Rs 9,649.95, the scrip fell 2.8 per cent to a low of Rs 9,377.15 on BSE. The scrip is up 25 per cent year-to-date.

"The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. The company took all possible measures to minimise the impact," Maruti Suzuki said in a note.

Maruti's sales in the year-ago quarter was adversely impacted due to a sizeable shortage of electronic components, a year-on-year comparison may not be meaningful, the auto maker said.

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