Maruti Suzuki shares dive over 4% on price hike announcement

Shares of Maruti Suzuki India Thursday tumbled over 4 per cent after the company announced price hike across various models.

The scrip fell 4.63 per cent to close at Rs 7,209.7 on the BSE. Intra-day, it hit a low of Rs 7,178.3, a decline of 5.04 per cent.

On the NSE, the stock plummeted 4.67 per cent to settle at Rs 7,201 apiece. The shares hit a low of Rs 7,180 and a high of Rs 7,486.30 in the intra-day trade. Among the Sensex constituents, Maruti Suzuki was the worst hit.

The auto major's stock had slumped over 2 per cent on the bourses Wednesday.

Maruti Suzuki had announced Wednesday it will increase prices of its vehicles across various models from next month to offset adverse impact of increase in commodity prices and foreign exchange rates.

The company, however, did not specify the range by which the prices of its vehicles would be increase. Besides Maruti, other automobile firms showed a bearish trend Thursday. 

Tata Motors shed 4.02 per cent, followed by Bajaj Auto 1.55 per cent, Hero Motocorp 1.23 per cent. 

Overall auto index at BSE fell by 2.26 per cent to close at 19,824.18.