Shares of the country's biggest car maker Maruti Suzuki India Ltd have managed to pull back from the lows in the first 25 minutes of trading this morning.
Maruti Suzuki came under heavy selling pressure with the institutional investors becoming more strident in their opposition to the company's move to allow its parent Suzuki Motor Corporation to execute the new Gujarat project through a subsidiary.
While earlier it was the mutual fund investors who had voiced their opposition to the move, it was reported that many insurance companies like HDFC Standard Life, Birla Sun Life Insurance, Reliance Life Insurance and SBI Life Insurance have also joined the opposition to the Maruti move as they feared that the over a period of time Maruti Suzuki would become a ''shell company".
The stock opening at Rs 1,725 on the NSE this morning slipped to a low of Rs 1,680 but has recovered to Rs 1721, a loss of Rs 33.15, on the NSE with a trading volume of about 2.85 lakh shares in the first 25 minutes of trading today.
Related: >Private insurers want Maruti to own Gujarat plant
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