Vijay told CNBC-TV18, "I would be a bit cautious on Maruti Suzuki for example, just about a month ago it was at about Rs 920 or so, now we are sitting at Rs 1220 and Maruti has to countenance a tough market. It is becoming stronger and stronger by the day. So, I think the first to get hit if there is a correction is the Maruti, which is essentially in passenger cars."
He further added, "The commercial vehicle people - you must remember, we have a mini-general election in this country and anecdotally we have seen that just during elections there is a huge increase in demand for utility vehicles and that sort of things because of electioneering and that does give a sharp bump, which was not there last year, but the valuations have justified a street hike in auto stocks and Maruti I guess is one stock, which does not deserve to be bought on fundamentals."
