Maruti India shares drop 3 pct after decreased production in February

Shares of Maruti Suzuki India (MSI) fell nearly three per cent Monday amid production cut in February on account of subdued demand. On BSE, the stock declined 2.56 per cent to close at Rs 6,910.35. Intra-day, it dropped 4.39 per cent to Rs 6,780.20.

On NSE, the scrip declined 2.56 per cent to settle at Rs 6,902. The stock was the worst hit on Monday among the frontlines on both key indices.

The country's largest carmaker cut production by over 8 per cent in February on account of subdued demand. The auto major produced a total of 1,48,959 units, including Super Carry LCV, across its factories last month, down 8.3 per cent from 1,62,524 units produced in the year-ago period, as per an analysis of the company's data on BSE.

The production of passenger vehicles including Alto, Swift, Dzire and Vitara Brezza declined 8.4 per cent to 1,47,550 units as compared with 1,61,116 units in February 2018. MSI declined to comment on the reasons for taking this production cut.

(With inputs from agencies.)