Maruti Suzuki shares rebound after initial dip post-management rejig

Maruti Suzuki share price: Maruti Suzuki shares recovered today after an initial dip, rising by 1.18 per cent to reach an intraday high of Rs 12,659.1. This surge in share price comes in the wake of the company's board of directors approving a high-level reshuffle of senior management roles, effective from the upcoming financial year starting April 1.

In an exclusive interview with Republic Business, Maruti Suzuki chairman RC Bhargava said that the company is poised to export 8 lakh cars annually by 2030. Watch the full interview below.

Management reshuffle triggers initial dip

The initial dip in Maruti Suzuki's share price, dropping 1 per cent to Rs 12,385 apiece, was attributed to the announcement of a major rejig in the company's senior management roles. As per the changes, Shashank Srivastava, currently leading the marketing and sales division, will transition to a member of the executive committee, while Partho Banerjee, heading the service division, will take his place. Ram Suresh Akella is set to replace Banerjee as the new head of the service division.

Record market capitalisation amid recall announcement

The dip in share prices occurred despite Maruti Suzuki's recent achievement of scaling a record high of Rs 12,722 on March 27, becoming India's 19th listed company to surpass the Rs 4 trillion market capitalisation mark. Additionally, the company announced a recall of 11,851 units of its Baleno and 4,190 units of its WagonR hatchbacks due to a possible defect, further impacting investor sentiment.

Maruti Suzuki India's board approved several key appointments in its senior management team. Partho Banerjee is slated to take over as the new head of marketing and sales, replacing Shashank Srivastava. Tarun Aggarwal will assume the role of Head of Engineering, succeeding CV Raman. Sandeep Raina will lead Product Planning, and Ram Suresh Akella will head the service division.