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Maruti slides after global brokerage downgrades stock to 'sell', cuts target price

CLSA said if the company loses share in the SUV segment, it may lose 600 Bps market share in the passenger vehicle segment over FY20-22

December 03, 2021 / 02:55 PM IST
Maruti Suzuki India

Maruti Suzuki India

 
 
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Maruti Suzuki's share price was down over a percent in the afternoon trade on December 3 after CLSA downgraded the stock to “sell” from “underperform” and cut the target to Rs 6,420 from Rs 6,550 a share.

The brokerage firm said that if the company loses share in the SUV segment, it may lose 600 Bps market share in the passenger vehicle segment over FY20-22.

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"Our EPS estimates are 20 percent/17 percent below consensus for FY23/24. We continue to forecast market share loss amid a weak model launch pipeline," it said.