Shares of Maruti Suzuki India today fell by about 3 per cent following 22.84 per cent drop in its net profit for the first quarter ended June 30.
Making a weak opening, the stock of the country’s largest carmaker slipped 2.55 per cent to Rs 1,082.30 on the BSE.
On the NSE, the scrip lost 2.72 per cent to Rs 1,082.65.
“Maruti Suzuki (on Saturday) reported lower-than-expected results for Q1 FY’13 owing to increase in other expenditure led by unfavourable forex impact,” Angel Broking Research Analyst Automobile Mr Yaresh Kothari said.
Hit by the rupee depreciation and higher expenses, Maruti Suzuki India reported 22.84 per cent decline in net profit to Rs 423.77 crore for the April-June quarter.
The company had reported net profit of Rs 549.23 crore in the same period last fiscal.
Meanwhile, in the broader market, the BSE 30-scrip index, Sensex, was trading at 17,024.21, up 185.02 points at 11.30 a.m.