Maruti Suzuki share value fell more than 3 per cent to Rs 7,093.50 apiece on BSE, following the corporation stated that it is expecting an adverse effect on production at its two plants in Haryana and parent Suzuki’s Gujarat plant in October on account of provide constraint of electronic elements due to semiconductor shortage. Maruti Suzuki was the prime BSE loser today, along with Bajaj Finserv, Bajaj Finance, Asian Paints, Housing Development Finance Corporation (HDFC), and other folks. The corporation in its official statement stated that they’re expecting total automobile production in October at two of its plants to be about 60% of standard levels.
“Maruti Suzuki has support at Rs 7,000 and resistance at Rs 7,250. Technically, all the indicators are in a bearish zone and the downside target of Maruti Suzuki is Rs 6,800 in the near term,” Ravi Singh, Vice President and Head of Research, Share India Securities, told TheSpuzz Online.
In trading volume terms, 13,000 shares have traded on BSE, although a total of 5.08 lakh units have exchanged hands on NSE, so far in the day. Analysts say that it was anticipated from the automobile corporation amidst a semiconductor shortage. “This adverse situation is likely to hamper supply as demand is still intact and expected to be higher in the coming few quarters. Still, I expect some recovery in auto stocks on higher demand,” Harsh Patidar, Analyst at CapitalBy means of Global Research, told TheSpuzz Online.
Maruti Suzuki shares touched a 52-week higher of Rs 8,400 on 13 January 2021 and a 52-week low of Rs 6,301.20 on 24 February 2021. The stock is trading 14.65 per cent down from its 52-week higher and more than 15 per cent above its 52-week low. In comparison, BSE Sensex was down 252 points or .43 per cent at 58,874 levels.
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