Goldman Sachs has downgraded Maruti Suzuki to 'Sell' from 'Neutral' and cut target price to 922 rupees from 1,042 rupees on back of 32% increase in stock price year-to-date and lower-than-expected sales volume and margin performance in fiscal third quarter.
Competition and technology costs, yen exposure, cyclical weak near-term demand and recent labor issues are some other issue for Maruti, Goldman Sachs said in a note.
It has added Maruti to its Conviction List-Sell.
At 11.36 am, the stock was up 0.56% at Rs 1,311.