Shares of the country’s largest car-maker Maruti Suzuki India rallied by nearly 6 per cent on the bourses today even though the company posted dismal results for the third quarter.
Hectic buying by investors in the last hour of trade lifted the company’s share prices and they settled 5.77 per cent higher at Rs 1,162.55 on the BSE. During the course of the day’s trade,the scrip fell by 2.64 per cent to an intra-day low.
In a similar fashion,Maruti’s scrip recouped initial losses on the NSE to close at Rs 1,166.90,up 5.75 per cent from the previous close.
The stock was the best performer on both indices at the end of trade.
Maruti Suzuki today reported a 63.6 per cent fall in net profit for the quarter ended December 31,2011,to Rs 205.6 crore.
The company had posted a net profit of Rs 565.17 crore for the corresponding period last financial year.
The rally in the stock was in contrast to the sluggish trend in the broader market,with the BSE benchmark Sensex closing just 12.72 points higher at 16,751.73.