Goldman Sachs downgrades Maruti to sell

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Goldman Sachs downgrades Maruti to sell

Goldman Sachs has downgraded Maruti Suzuki to 'Sell' from 'Neutral' and cut target price to Rs 922 from Rs 1,042 on back of 32% increase in stock price year-to-date and lower-than-expected sales volume and margin performance in fiscal third quarter.

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Goldman Sachs has downgraded Maruti Suzuki to 'Sell' from 'Neutral' and cut target price to Rs 922  from Rs 1,042 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 a.m., the stock was up 0.56% at Rs 1,311.