In a surprising turn of events, Maruti Suzuki witnessed a dip in its stock value on December 8, despite a favorable order from the Gujarat GST Department revoking a ₹ 1.8-crore demand.
At 9:42 am, Maruti Suzuki India was quoted at ₹ 10,660.15, experiencing a decline of ₹ 32.50 or 0.30 percent on the BSE. The dip in stock value followed the company’s announcement of a favorable order from the Gujarat GST Department, nullifying the demand of ₹ 1.78 crore mentioned in a show-cause notice dated September 29, 2023. The notice pertained to the period from July 2017 to March 2018 and was related to the reconciliation of tax returns filed by the company.
Despite this positive development, the market response appeared muted, and the stock struggled to maintain its value. In November 2023, Maruti Suzuki reported a 3.39 percent increase in total sales at 1,64,439 units compared to the same month the previous year. However, total production declined by 3 percent to 1,47,763 units in November, down from 1,52,786 units during the corresponding month in the previous year.
The stock’s recent performance is highlighted by a 52-week high of ₹ 10,930.00 and a 52-week low of ₹ 8,076.65 on December 7, 2023, and December 26, 2022, respectively. Currently, the stock is trading 2.47 percent below its 52-week high and 31.99 percent above its 52-week low.
Despite the positive ruling from the GST Department and Maruti Suzuki’s steady sales performance, the stock market’s response suggests lingering concerns, prompting investors to closely monitor the company’s future developments.
