Maruti Suzuki India's stock soared more than 7% on Tuesday, despite the business reporting a 47.82 percent drop in consolidated net profit for the third quarter ended December 2021.
On the Bombay Stock Exchange (BSE), the shares rose 6.88 percent to Rs 8,600.60. During the day, it rose 7.63 percent to Rs 8,661.60, a one year high. On the National Stock Exchange (NSE), it rose 7.42 percent to Rs 8,650.10, a gain of 7.42 percent.
Maruti Suzuki India, the country's largest carmaker, reported a 47.82 percent drop in consolidated net profit to Rs 1,041.8 crore in the third quarter ended December 2021, owing to decreased sales due to a continuing semiconductor scarcity and rising commodity prices.
In the October-December fiscal year, Maruti Suzuki India reported a consolidated net profit of Rs 1,996.7 crore, according to a regulatory filing.
Decreased sales volume, increased commodity prices, and lower non-operating income owing to mark-to-market impact all contributed to the drop in net profit during the period under review.