Maruti Suzuki rejigs senior management; stock trades higher

28 Mar 2024 , 03:10 PM

Maruti Suzuki shares declined 1% to ₹12,401 in early trade on March 28 after the company’s board of directors authorised the restructuring of top management roles, which will take effect on April 1, 2024.

However, later in the day, the counter rose to an intraday high of ₹12,726.80 per piece.

At around 2.59 PM, Maruti Suzuki was trading 1.40% higher at ₹12,685.15, against the previous close of ₹12,510.35 on NSE.

Shashank Srivastava, the current head of the company’s marketing and sales division, will join the executive committee on April 1. Partho Banerjee, who leads the service division, will take his position, the business announced in a regulatory filing.

Ram Suresh Akella, an executive in the marketing sector, will take over as service head on April 1, according to India’s largest automaker. Banerjee has been with the firm for 34 years, while Akella joined Maruti around 31 years ago.

This event comes only one day after the company’s shares reached a record high of ₹12,722 on March 27. It also became India’s 19th listed business to reach ₹4 Trillion in market capitalization.

Recently, the automaker has recalled 11,851 Baleno and 4,190 WagonR hatchbacks due to a potential fault in a fuel pump motor component.

In rare cases, this may result in engine stalling or starting issues, the business stated in a regulatory filing. “Affected vehicle owners will be contacted by Maruti Suzuki authorised dealer workshops for replacement of the part, free of cost, in due course of time,” the firm said.

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