Maruti Suzuki gains as RBI allows 40% foreign investment
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Maruti Suzuki India is trading higher by 2% at Rs 4,414 on the NSE in early morning trade after the Reserve Bank of India (RBI) has allowed foreign investors to invest up to 40% of the paid up capital of the company under the portfolio investment scheme.
The Reserve Bank of India has on Monday notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/qualified foreign investors (QFIs) can now invest up to 40% of the paid up capital of Maruti Suzuki India Limited under the Portfolio Investment Scheme (PIS).
The Reserve Bank further advised that the foreign shareholding by FIIs/RFPIs in M/s Maruti Suzuki India Limited have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, RBI said in a release.
The stock hit a high of Rs 4,419 on the NSE so far. A combined 81,677 shares changed hands on the counter on the NSE and BSE.
At 09:19 a.m. the stock was up 1.9% at Rs 4,400 compared to a marginal 0.19% decline in the CNX Nifty.
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