Maruti shares skid nearly 4 pc, m-cap drops by Rs 10,906 cr post Q1 earnings

New Delhi: Shares of Maruti Suzuki India (MSI) on Thursday fell by nearly 4 per cent, eroding Rs 10,906 crore from its market valuation, as the company's June quarter earnings failed to cheer investors.

The stock dropped 3.70 per cent to settle at Rs 9,396.65 on the BSE. Intra-day, it tumbled 3.98 per cent to Rs 9,369.05. The stock was the worst hit among the 30-blue chips.

On the NSE, shares of the company slumped 3.78 per cent to end at Rs 9,390. Led by the decline in the stock, the company's market valuation plunged Rs 10,905.94 crore to Rs 2,83,854.06 crore.

The country's largest carmaker Maruti Suzuki India (MSI) today reported 26.91 per cent increase in standalone net profit to Rs 1,975.3 crore for the first quarter ended June 30, 2018-19, riding on robust sales.

It had posted Rs 1,556.4 crore net profit in the April-June period of last fiscal, 2017-18, MSI said in a regulatory filing.

The company's sales during the period under review stood at Rs 21,810.7 crore. They were at Rs 19,374.1 crore in the year-ago period.

MSI said the two figures are not comparable as revenues from operation are reported net of GST since the implementation of the new tax regime in July 2017.