New Delhi, July 28 -- Maruti Suzuki India Ltd's shares have been battered, as strong headwinds have derailed passenger vehicle (PV) sales over the last several months. Since January, its shares have fallen 23% on the back of steady cuts in earnings forecasts.

Against this backdrop, it was expected that the June quarter performance would be worse than the year-ago period. After all, one could not expect miracles after the carmaker reported an 18% drop in sales volumes.

With sales falling in all segments, with the exception of light commercial vehicles, operating leverage took a beating.

Hence, Ebitda (earnings before interest, taxes, depreciation and amortization) margin fell by a whopping 450 basis points year-on-year to 10.4%. But this ...