Maruti Suzuki shares dive as October car sales drop

India's largest carmarker Maruti Suzuki on Tuesday said that its car sales for the month of October 2016 dropped 5.2% to 92,886 units as against the same month of last year.

Utility vehicle sales like Ertiga, S-Cross, Vitara Brezza jumped 90.9% in the given month at 18,008 units as against 9,435 units. However, Omni and Eeco sales dropped 6.5% that took that total domestic passenger vehicle sales  to just 2.2% rise in October 2016. 

The company said that its exports dropped 23.7% in October, at 10,029 units versus 13,146 units in October 2015. 

Total sales dropped to 1,33,793 units, or 0.3%. 

Shares of the company reacted sharply by dropping 0.57% at 1023 hours. Stock price opened at Rs 5,901 per share on BSE Sensex and reached a high of Rs 5,972 per share before hitting a low of Rs 5,860 per share after it announced sales numbers.