Maruti share stabilises ahead of crucial meet

Carmaker Maruti Udyog’s shares went up 2.54 per cent on Tuesday, recovering losses of the day before, when a government letter to its J...

Carmaker Maruti Udyog’s shares went up 2.54 per cent on Tuesday, recovering losses of the day before, when a government letter to its Japanese joint venture partner Suzuki Motor Co, Japan, sent its value tumbling 2.28 pc. Maruti closed the day at Rs 359.70 on the BSE.

A senior government official said there will be discussions between Maruti Udyog and the government on Wednesday, a day before Maruti’s board meets on Suzuki’s planned Indian investments. The official said the interests of shareholders would be protected in the Maruti case, but ruled out ‘‘interfering’’ in the stock markets.

Suzuki, the joint venture partner of Maruti in India, announced plans to invest close to Rs 1,000 crore in India last Monday. However, since the role of Maruti in the new investment plans were not made clear, its shares fell by over 10 pc on the stock exchange. The Government, which holds around 18 pc share in Maruti, has asked Suzuki for clarifications on the structure of its investments and Maruti’s role in them. Its stake, however, must be offloaded by July next year, in the run-up to which, said officials, they are concerned that Maruti’s share price must not drop.

In Wednesday’s meeting, the likely agenda for Maruti’s board meeting is to be informally discussed, the official said.

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