Maruti Suzuki shares slide after dip in production and Rs 2,159.70 crore income tax notice

Maruti Suzuki Share Worth: Maruti Suzuki shares began Wednesday’s commerce session on a decrease be aware, sliding 1.75 per cent, or Rs 180.90, at Rs 10,166 apiece, on BSE in early morning offers. The inventory’s lacklustre opening got here a day after the automaker introduced a 1 per cent dip in its complete automobile manufacturing, and the revenue tax division slapped it with a Rs 2,159.70 tax workplace.  

The inventory of the biggest Indian automotive producer closed the commerce session on Tuesday at Rs 10,340.90 and opened at Rs 10,298.95 on Wednesday earlier than beginning to dip to its present stage.

Maruti Suzuki Manufacturing Numbers Dip

On Tuesday, the corporate stated that its complete manufacturing had declined by 1 per cent to 1,74,978 items 12 months-on-12 months in September.

The corporate had produced 1,77,468 items in September 2022.

Final month, manufacturing of entry-level automobiles—Alto and S-Presso- declined by 70 per cent to 10,705 items from 35,887 items within the year-ago interval, Maruti Suzuki India stated in a regulatory submitting.

Equally, manufacturing of fashions like Baleno, Celerio, Dzire, Ignis, Swift, and WagonR, declined to 90,849 items in September as towards 92,717 items in the identical month final 12 months.

Manufacturing of mid-sized sedan Ciaz declined to 2,304 items final month towards 2,654 items in the identical month of the corresponding 12 months.

Complete passenger automotive manufacturing dropped by 21 per cent to 1,03,858 items final month as towards 1,31,258 items within the year-ago interval.

Complete passenger automobile manufacturing fell marginally to 1,73,451 items final month over 1,73,929 items in September 2022.

Maruti Suzuki Will get Revenue Tax Discover

Maruti Suzuki on Tuesday additionally obtained a Draft Evaluation Order for Rs 2,159.70 crore from the Revenue Tax Authority, the corporate stated in a BSE on Tuesday.

The draft evaluation order dated October 3 is for the monetary 12 months 2019-20, the auto main stated.

“The corporate has obtained a Draft Evaluation Order for the FY 2019-20 whereby sure additions/ disallowances amounting to Rs 2,159.70 crore with respect to returned revenue (the revenue disclosed by the Firm in its Revenue Tax return) have been proposed,” Maruti Suzuki India Ltd stated within the assertion.

(With inputs from companies)