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As auto slowdown continues, some brokerages downgrade Maruti's stock
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New Delhi, July 29 -- As the slowdown in the automobile sector shows little signs of a reversal, some brokerages have downgraded the stock of Maruti Suzuki India Ltd - India's largest vehicle manufacturer - assigning a 'Sell' or 'Hold' rating.
Most of the brokerages have attributed their decision to downgrade the stock to a likely lack of recovery in vehicle sales in the upcoming festival season, regulatory changes, and increased competition.
The downgrade from these brokerages comes at time when domestic passenger vehicle sales in April-June fell the most since the third quarter of 2000-02.
Maruti, the market leader, has had to cut production significantly over the past five months.
"On the back of massive slowdown and declining retu...
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