Maruti Suzuki's Q3 profit misses expectations, slips 17% to Rs 1,489 crore

Analysts were anticipating a single-digit decline in the company's quarterly profit

Maruti Suzuki, the country’s top carmaker, reported a lower-than-expected profit for the third quarter ended December 31, 2018.

The profit slipped over 17 per cent to Rs 1,489 crore impacted by a combination of factors such as adverse commodity prices, forex movement and high discounts on cars.

The double-digit decline in profit pulled down the company’s stock by over 7 per cent on Friday and eroded the company’s market cap by Rs 15,740 crore. The stock price of the country’s most-valuable automobile firm hit a 21-month low of Rs 6,420 at the BSE in intraday trade but recovered marginally to close at