Sales may grow only 5% this year: Osamu Suzuki

The Maruti stock tanked today after the Japanese parent lowered its growth forecast in India, amidst high inflation and rising competition.

Suzuki had cut the sales growth forecast for this financial year from the initial 13% to 8%. But today, the chief executive Osamu Suzuki shocked the street with his observation that sales should actually around just 5%. But the Maruti Suzuki management is still confident that they can overcome the intense competition. Shashank Srivastava, CGM-Marketing, Maruti Suzuki, said, "Clearly, the competition in the industry is increasing and is bound to go up even more. Observing how we have been performing in the past, we can say we have been able to cope up with the scenario very well. In fact, our market share levels remain more or less the same as what they were seven to eight years back."