Shares of India’s largest auto maker Maruti Suzuki declined after oil marketing companies hiked petrol prices by Rs.7.50 per litre effective Thursday, reports said.
Shares declined on fears that demand for petrol powered vehicles would fall after fuel prices were hiked.
Petrol cars account for about 60% of the company’s domestic sales.
Shares of Maruti Suzuki were trading at Rs.1,121.55 down 2.6% over the previous close. It had touched a day’s high of Rs.1,132.20 and a day’s low of Rs.1,116.90. The total traded quantity of the shares stood at 27,000 shares on the BSE.