Defying a strong broader market,shares of Maruti Suzuki India fell for a fifth day today losing over 1 per cent as a steep hike in petrol prices fanned fears that its vehicle sales may be hit.
Shares of the company ended 1.20 per cent lower at Rs 1,103.70 on the BSE. Intra-day,it lost 1.65 per cent to Rs 1,098.60.
At the National Stock Exchange,the stock settled at Rs 1,103.50,down 1.39 per cent.
In the last five trading sessions,the stock has lost over 8 per cent. Last week,the government had announced a steep hike of Rs 7.54 a litre in petrol prices.
Analysts said the stock has been subdued as sentiments worsened towards the sector on recent hike in petrol prices. Hike in petrol prices is expected to adversely affect the sales of the company.
“Maruti’s shares fell for the fifth day in a row after the hike in petrol prices,” Sharmila Joshi Head Equity Fairwealth Securities said.
The BSE Auto index,however,gained 1.74 per cent to close at 9,399.91 points,led by gains in Tata Motors,Bajaj Auto and Mahindra & Mahindra.
Tata Motors,which also produces commercial vehicles,rose by 2.69 per cent. Two-wheeler maker Bajaj Auto gained over 1 per cent,while Mahindra & Mahindra,which sells mainly diesel-run vehicles,rose by 2.52 per cent.
Analysts said high petrol prices are expected to push the sales of diesel cars and two-wheelers. The BSE barometer Sensex index closed higher by 199.02 points at 16,416.84 points.