Motherson Sumi Systems fell 1.72% to Rs 222.45 at 10:34 IST on BSE, extending recent losses amid concerns that regulatory problems being faced by its key client, Volkswagen, may weigh on its business prospects.
Meanwhile, the BSE Sensex was up 415.99 points, or 1.59%, to 26,636.94.
On BSE, so far 6.89 lakh shares were traded in the counter, compared with an average volume of 4.72 lakh shares in the past one quarter.
The stock hit a high of Rs 230.35 so far during the day. The stock hit a low of Rs 217.30 so far during the day, which is also a 52-week low for the counter. The stock hit a record high of Rs 395.85 on 6 August 2015.
The stock had underperformed the market over the past one month till 1 October 2015, falling 22.03% compared with 2.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 35.25% as against Sensex's 6.42% decline.
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The large-cap company has an equity capital of Rs 132.29 crore. Face value per share is Re 1.
Volkswagen cars are at the centre of a US probe into rigged emissions tests of diesel-powered vehicles. The US Environmental Protection Agency (EPA) said on 18 September 2015, that the Volkswagen AG used software that deceived regulators measuring toxic emissions and could face penalties of up to $18 billion.
Shares of Motherson Sumi Systems fell 21.63% in eight trading sessions from Rs 283.85 on 18 September 2015.
However, Motherson Sumi Systems clarified on 23 September 2015 that as per its assessment there is no material impact on operational performance regarding regulatory problems being faced by its key client, Volkswagen.
Motherson Sumi Systems' consolidated net profit rose 62.3% to Rs 265.76 crore on 12.1% rise in total income to Rs 9409.51 crore in Q1 June 2015 over Q1 June 2014.
Samvardhana Motherson Group (SMG) founded in 1975, has a diversified industry-leading portfolio of auto ancillary products and services that make it a full system solutions provider for its customers across the globe. With market leading products ranging from Electrical Distribution Systems, automotive rearview mirrors, polymer processing, lighting systems, air intake manifolds and HVAC systems. SMG's principal focus is the automotive industry, globally and in India.
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