India's biggest car manufacturer Maruti Suzuki India Ltd (MSIL) is estimated to have cut its production by 26.8 percent, to 126,000 units from last year's 172,000 units for the same month, Business Standard reported.
The company's shares fell about 4 percent after the reports of the estimated drop in production surfaced, the Business Standard report said. It was trading at Rs 6,780 on the Bombay Stock Exchange (BSE) in the early hours of Monday, 18 March.
The drop in Maruti Suzuki’s shares are the company’s biggest loss since 25 January, The Economic Times reported.
Despite the aggressive discount schemes and exchange bonus, the inventory levels remain high for MSIL.
According to the ET report, the slowing demand and uncertainties ahead of the upcoming Lok Sabha elections has pushed the production levels to its lowest since March 2015.
(With inputs from The Economic Times and Business Standard.)
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