Maruti Suzuki share price falls over 2% on ₹2,160 crore draft income tax assessment notice

Maruti Suzuki share news: Maruti Suzuki share price fell nearly 2% on Wednesday's session after the country's largest automaker received a draft assessment notice for unpaid dues worth ₹2,160 crore from the Income Tax department on Tuesday for the financial year 2019-20, according to company's exchange filing. Maruti Suzuki share price today opened at ₹10,298.95 apiece on BSE, Maruti Suzuki share touched intraday high of ₹10,298.95 and low of ₹10,092.90.

“The company has received draft Assessment Order for the FY 2019-20 wherein certain additions/ disallowances amounting to ₹21,597 million with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed,” said Maruti Suzuki in its exchange filing.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

The company also stated that it will present its objections to the Dispute Resolution Panel and assured that this draftassessment order will not have any impact on its finances, operations, or other company-related activities.

Also Read: Maruti Suzuki India gets ₹2,160-crore draft assessment order from Income Tax department

According to trendlyne data, Maruti Suzuki share price rose 18.81% and underperformed its sector by 18.11% in the past year.

Maruti Suzuki reported its highest ever monthly sales in September 2023. The company’s total wholesales last month increased 2.8% year-on-year (YoY) to 181,343 units from 176,306 units dispatched to dealers in the same month last year.

Also Read: Maruti Suzuki posts highest ever monthly sales in September; hits 1 million-mark in H1FY24

According to analysts, post the auto sales figures declared over the weekend, stock prices have undergone a correction during the past two trading sessions, resulting in a decrease of over 4% for the week.

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, currently, it has fallen below a critical immediate support level of 10,200, and should prices close beneath this level, we might witness additional profit-taking in the short term, potentially leading to a range of 10,000 to 9,800. Immediate resistance levels can be observed at 10,350 to 10,500.

Given the shift in momentum from bullish to bearish, it's unlikely that we will observe a similar strong performance in the near future.

Also Read: Tata Motors stock in focus as Tata Technologies IPO files addendum for DRHP. Shares dip