Maruti Suzuki stock hits 52-week high, crosses ₹12,000 for first time

Shares of Maruti Suzuki India Ltd hit a 52-week high on the NSE on Wednesday’s trade at ₹12,007.15. As of 11.51 a.m., the stock traded at ₹11,950.25, higher by 3.05 per cent.

The upper circuit for the stock is at ₹12,756.75.

Nifty auto stocks rose marginally by 0.15 per cent as of 11.59 a.m. to trade at 20,385.15.

An earlier report by businessline revealed that the company’s subscription model saw a 44 per cent growth in FY24 YTD taking the overall user base to over 10,000.

According to the automaker’s corporate disclosures on stock exchanges, it had received an order from the Office of the Commissioner of Customs, NS-III Jawaharlal Nehru Custom House, Nhava Sheva, on March 18, stating that the company has considered different HSN codes on a category of imported items, demanding to pay ₹27,87,108 which includes difference in tax amount, fine and penalty.

In addition, Maruti Suzuki received a show cause notice from the Rajasthan GST Authority on March 14, for the period April 2019 to March 2020 on account of the reconciliation of tax returns filed by the company. The total demand amount mentioned in SCN is ₹3.1 lakh.