New Delhi: Shares of Maruti Suzuki India (MSI) on Thursday fell over 2 per cent after the company reported a 4.6 per cent decline in net profit for the fourth quarter of the 2018-19 fiscal and said it will phase out all diesel cars from its portfolio with effect from April 1, 2020.
The scrip dropped 2.23 per cent to close at Rs 6,868.05 on the BSE. During the day, it fell by 2.26 per cent to Rs 6,865. On NSE, shares declined 1.94 per cent to close at Rs 6,880. In terms of traded volume, 1.50 lakh shares were traded on BSE and over 30 lakh shares changed hands on NSE during the day.
"From April 1, 2020, we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here. The company currently sells a range of diesel vehicles. Around 23 per cent of all units sold by the company in the domestic market currently are diesel cars.
The country's largest car maker Maruti Suzuki India (MSI) on Thursday reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19 fiscal.
The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18, MSI said in a statement. For the entire 2018-19 fiscal, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 per cent from the previous fiscal.