The Reserve Bank of India (RBI) today said foreign investors cannot buy shares of the country’s largest car manufacturer Maruti Suzuki India Ltd (MSIL) as their limit of 24 per cent has been breached.

Foreign investment in Maruti Suzuki India Ltd has crossed the overall limit of 24 per cent of its paid-up capital, the RBI said in a statement.

“Therefore, no further purchases of share of this company would be allowed through stock exchanges in India on behalf of Foreign Institutional Investors (FIIs),” it said.

FIIs, NRIs and PIOs (Persons of Indian Origin) are allowed to invest in the primary and secondary capital markets in India under the Portfolio Investment Scheme (PIS).

Shares of Maruti Suzuki today closed at Rs 1,449.90 apiece on the BSE, up 0.7 per cent from the previous close.

(This article was published on February 25, 2013)
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