Shares of Maruti Suzuki went down by 4.53 percent to Rs 6,776.60 per share on the NSE after a Business Standard report claimed that the car market leader slashed its production by a quarter amidst slowing demand in the passenger vehicle market.

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At 10:23 AM, Maruti Suzuki traded lower by 3.53 percent, at Rs 6,834 per share.

Maruti has estimated to have cut its passenger car production to 1,26,000 in the March quarter from over more than 1,72,000 in the same quarter last year, a fall of 26.8 percent YoY, said the BS report, citing people aware of the company’s plans.

The reduction is in sharp contrast to the positive demand in the past years which includes double-digit growth for the last four years, according to the report.

The production in the March 2019 quarter is estimated to be the lowest since March 2015, according to the production data notified by the company to the stock exchanges and Society of Indian Automobile Manufacturers (SIAM), the report said.

In the 11-months from April to February, Maruti’s domestic sales grew 6.7 percent.

First Published:Mar 18, 2019 11:09 AM IST